USD/JPY near 8-year highs

USD/JPY overcame the 78.6% retracement of the 2002-2011 decline near 122.40 this morning to touch its highest level in almost eight years. The clear pattern in the exchange rate since 2011 has been to consolidate for months at a time around long-term Fibonacci levels before making its way higher again. Given this latest push higher is coming on the heels of six months of consolidation one has to wonder if this is the start of another impulsive move to the upside. A weekly/monthly close above 122.40 (and ideally above the 2007 high of 124.13) would further confirm the breakout and set the stage for a push towards the next long-term Fibonacci level around 128.35. Only aggressive weakness back under 120.55 would call into question the positive view