USDJPY breaks above 79.52 resistance, suggesting that the sideways movement in a range between 75.57 and 79.52 has completed. Further rise is expected after a minor consolidation, and next target would be at 82.00 area. Support is at 78.50, only break below this level could indicate that a cycle top is being formed on daily chart.
For long term analysis, USDJPY had formed a cycle bottom at 75.57 on weekly chart. Further rally towards 85.00 would likely be seen over the next several months.
