The USDJPY pair has been on the strongest multi-week rise in March-April since the November-December 2016 rally. By doing so, it reached the 125.00 level for the first time since August 2015, which was exactly when the China economic growth slowdown worries hit the market. In fact, the 124.200 - 126.000 band is a Resistance Zone that is holding for almost 20 years!
Right now the pair is rising amid the Ukraine - Russia war. A break above 126.00 should be enough to maintain the bullish momentum all the way to the January 2002 High of 135.100. Depending on the buy accumulation that could be achieved upon break-out, we may even see within 2-3 years a historic test of the 147.600 High of August 1998. After all, the multi-year pattern seems to be a giant Inverse Head and Shoulders formation, that is a technical pattern typically found on market bottoms and starts a bullish trend.