USD/JPY could challenge last week’s highs above 111.80, having confirmed a flag breakout with a move above 111.53 in early Asia, according to the hourly line chart.
A flag breakout usually extends the preceding bullish move. So, there is scope for a rally toward 112.38 (target as per the measured move method).
The bullish setup would be invalidated if the spot finds acceptance below 111.50.
Hourly chart
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Trend: Bullish
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