The USD/JPY was in a bearish correction since June from its high on the year at 125.85 down to 120.40. After that we saw a sharp, v-shape reversal, which broke above a falling channel to start this week.USD/JPY 4H Chart 7/1 (click to enlarge) The 4H chart shows the USD/JPY in a bullish breakout from the channel and the cluster of 200-, 100-. and 50-period simple moving averages in the 4H chart, along with the RSI pushing above 70. Then, during the 7/14 session, we saw a consolidation that went into the 7/14 session.Then, we got a slew of US data, and the USD-bulls liked it. PPI m/m (June) 0.4%Forecast: 0.2%Previous: 0.5%Empire State Manufacturing Index (July): 3.9Forecast: 3.4Previous: -2.0Industrial Production m/m (June): 0.3%Forecast: 0.2%Previous: -0.2%While the data set is far from amazing, it does show that the economy is moving along in the production side of things. This might not be a huge spark for the USD, but since the JPY is weak across the board, it allowed the USD/JPY to continue with its recent bullish breakout, which puts the high on the year at 125.85 in sight in the short-term.