USD/JPY has broken the resistance implied by its declining channel, confirming an improving technical structure. A test of the resistance area between 120.83 and 121.85 is favoured. Hourly supports can be found at 119.22 (06/02/2015 high) and 118.33 (09/02/2015 low).
A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is likely. A key support can be found at 115.57 (16/12/2014 low).