USDJPY has scope for gains to the multi-year high of 122.01 hit on March 10th, 2015. Looking at the daily chart, the tenkan-sen and kijun-sen lines are positively aligned, which adds to the upside potential, as well as the market being above the Ichimoku cloud.
The bullish bias remains strong above the key 120.00 level. RSI is in bullish territory above 50 and has not reached overbought conditions yet, leaving potential for further upside. MACD is above zero.
Immediate support is seen at 120.68, provided by the tenkan-sen and the March 12 low. To the upside a break of 122.01 would target 124.12 resistance (June 2007 high).