The USD/JPY pair is consolidating in a sideways range just above the R1 monthly pivot at 121.11, after breaking out of a triangle.
Overall it is in an up-trend on most time-frames, and this up-trend is expected to continue, with a break of the current 122.02 highs confirming a move up to the R2 monthly pivot at 122.66.
The long-wick shooting star which formed on March 10 was quite a bearish sign, however, yesterday's long-wick hammer sort of cancelled it out, and now I am more bullish.
A clear break above the 122.66 – including a 20 point margin – so 122.86 would probably confirm a continuation up to 123.38, the 61.8% fib extension of the height of the triangle, and its minimum price objective.