USDJPY rallied sharply on Wednesday to break above its 200 day moving average at 102.03 to break above the key 103 level and hit its highest level since early April. The pair is currently at 103.07 early on Thursday and is approaching the April 8 high of 103.10 which will be a near-term resistance level. This is also where the top of the daily Ichimoku cloud lies.
The 50% Fibonacci retracement level of the early 2014 high from 104.11 to 100.81 (May 21) acts as support at 102.45.
The market has risen above the daily Ichimoku cloud and the tenkan-sen and kijun-sen lines are turning back up, adding to the bullish bias. RSI has given a bullish signal after breaking above 50 into bullish territory.