Last time we looked at USD/JPY, we saw that it was approaching 110.00, which we saw as a key support for the bullish outlook. We noted that a bullish market should keep price above this critical pivot, and a break below 110 could open up a bearish outlook.USD/JPY 4H Chart(click to enlarge)Breakout from Consolidation:- In the 4H chart, we can see that price found support above 110.00 and was consolidating for a couple of sessions.- Then during the 5/23 session, price rallied and broke above this brief consolidation range.Short-term Upside:- The breakout from a small consolidation opens up a very short-term bullish outlook.- The short-term outlook is around 113, maybe even a little lower. Here, price will encounter a previous support/resistance pivot. Also, the RSI will likely test 60, and if the market is not done with the bearish correction, we will likely see price retreat and the RSI turn lower instead of breaking above 60.Medium-term Upside:- From the daily chart, we can see more upside because the trend going into 2017 was bearish.- We can say that the dip in 2017 has been a bearish correction. After all price held above the 200-day simple moving average.- Furthermore, the RSI tagged 70 and is holding above 40, which is an indication that bullish momentum is developing since the upswing in April.- In the medium-term, there is upside towards the 115.60-116.00 area. - I would not be surprised that price continues to 118 and tests the 2016 high at 118.66.- However, for 2017, I would limit my most aggressive bullish outlook for USD/JPY to the 120 psychological handle. USD/JPY Daily Chart(click to enlarge)