USD/JPY: Target of 114.40-50near, major breakout ahead?

Cycles & Levels: The weekly chart remains in an active up-cycle and there is no reason to believe the market won’t be re-testing 114.40-50 at this stage. The same notion in the daily, with the price picking up momentum towards the mentioned target. On the hourly, we are now in a position to draw a new 100% fib proj target of 114.69. If this is the next destination for the pair, that would translate in greater prospects of a major breakout of weekly resistance level, which may see plenty of stops tripped above if further pushes seen.

Correlations & Volumes: As of now, the US vs JP yield spread supports higher levels, as does the current environment of USD strength, assuming equities stay underpinned. The daily candle is unambiguously bullish, with a very strong close. The POC got trapped lower at 113.67, making the buy on dips strategies even more appealing. Even if the volume was low on Thursday, we are not yet at a major decision point until 114.40-50, therefore one should read too much into it until the target is potentially reached.