USD/JPY is in a bullish continuation breakout after a period of consolidation. USD/JPY Daily Chart(click to enlarge)Ranging:- From the daily chart, we can see that USD/JPY has been essentially range-bound throughout 2017. - In September, price cracked the previous range support but rebounded sharply. - This was a "false bearish breakout". - USD/JPY then continued until 113.25, then consolidated for a few weeks. Bullish Breakout:- After this consolidation price ended up above the 200- and 100-day simple moving averages, a sign that bulls are in control.- Then, we saw price break above the recent consolidation to close out the previous week.Upside:- The breakout continues the recent short-term bullish trend and is extending it into the medium-term.- This scenario puts pressure on the 114.35 resistance.- Because the current swing is following a false break to the downside, I think price will push through the 114.35 resistance and test the 115.60 resistance.