The USDJPY started the month at the low, moved back above the 200 day MA on June 5th and apart from a one day close below that 200 day MA, spent the rest of the month trading between the 200 day MA and the 100 day MA.  The price tested the 100 day MA (blue line in the chart above currently at 80.56 ) earlier in the week and at the end of last week but could not close above. 

Looking at the hourly chart the price has moved above the 100 and 200 hour MA at the 70.50/79.60 levels respectively (bullish). Staying above this level keeps the bulls in control.  These moving averages will be stop loss levels for longs into next week.  Stay above remain long. Move below, the bullish bias disappears.

The next upside targets become the 80.044 (61.8% of the weeks range). 80.14 (38.2% of the move down from the March 2012 high- see daily chart), and the key 100 day MA at the 80.56 level. 

At some point the price will break out of the 100 and 200 day MA boundary.  A break above (or even below if the price can not stay above the 79.50-60 area), should be met with increased momentum. 

The pair would get boost if crosses would continue their bullish ways in the new month. The EURJPY moved sharply higher today but has a key resistance at the 101.616 level to get through to keep the bias moving higher. This is the 38.2% of the 2012 range.  GBPJPY is set to close the week above the 200 day MA and 38.2% of the move down from the high (at 124.23 and 124.37 respectively).  Stay above and it too is looking more bullish.  AUDJPY is also set to close above the 200 day MA at the 80.84 and 50% of the move down from the March high at the 81.529.