USD/JPY Breaking Through Two-Month Resistance

USDJPY has been mired below ¥124.60/65 since June 9, when on the H4 timeframe an outside engulfing/key reversal bar transpired. However, for the first time in two months, USDJPY has pierced the topside resistance band, clearing out ¥124.60/65 after the stronger than expected US ISM Services report for July. With the H4 indicators (Stochastics and MACD) turning higher into bullish territory and aligning with momentum on the daily timeframe (offering up "full time frame continuity") we could very-well be on the cusp of the next leg up in USDJPY. Look to US yields to firm up as confirmation.