The USD/JPY has crashed the short and medium term patterns. Namely, it jumped suddenly on Monday when the pair broke the resistance of a medium scale descending pattern.
The event resulted in a sharp move upwards to the resistance of the most dominant ascending pattern near the 111.20 level. Afterwards, the rate declined down to the 55 and 100-hour SMAs at 110.80.
In general, from a technical perspective a surge up to the 111.00 mark should occur. However, monitor all fundamental news associated with the pair closely. Another sharp move might be possible.
