USD/JPY up 90 pips on the day

It has been a one-way trade in USD/JPY since it broke the 100-day moving average yesterday. It also marked a complete break of the 61.8% retracement of the March-April fall that now looks like it will be erased.

I don't see anything standing in the way of a continued climb, except for minor corrections for overbought conditions. The band of resistance to watch is from 114.88 to 115.51. After gains in 9 of 11 days, that's a great spot to take a break.

If that's the case, you could end up tracing out some kind of inverted head-and-shoulders that would target something close to 123.50.

For that to come together, the Fed would have to hike in June and US economic data might need to show some life along with the continued good sentiment in stocks. That's not a tough scenario to envision.