USD/JPY accelerates to as high as 115.80 so far today, and breaks 115.51 resistance to resume the medium term up trend from 102.58. The rally comes as supported by strong rise in US treasury yields overnight, and the strength of Nikkei (which is up 1.5% or 438 pts at the time of writing).
Technically, the strong support from 55 day EMA is taken as a solid bullish sign. Next target will be 61.8% projection of 109.11 to 115.51 from 112.52 at 116.67. Sustained break there could trigger further upside acceleration to 100% projection at 118.92, which is close to 118.65 long term resistance. Decisive break there would pave the way to 125.85 (2015 high), probably within the first half of the year.
