It looks like the USD/JPY pair could extend it's recent gains even further if price holds at the 106.030 level and continues a bullish direction.
At the 61.8% Fibo retracement level is also the intersection of the two trend lines as depicted. Typically after price breaks a support or resistance trend line I look where the two intersect; if price holds at the trend line intersection then the breakout can be deemed valid - at least for me.
The resulting AB=CD pattern targets 108.076 which would result in breaking the 200SMA above and a medium term bullish trend would occur.
Look to enter a long trade once price closes above 106.271 (50% Fib retracement level).
Trade Entry: Close above 106.271 S/L: 105.375 T/P: 108.076
Overall I believe the main trend is still bearish - which I will show in the next analysis - but for the mean time a bullish run could be in the making Also, keep an eye on the S&P500 as this pair correlates quite well with it.