Last week, USD.JPY ended a bearish consolidation at 120.40 and started to threaten a bullish continuation breakout. Price action to start this week has sharply broken the noted flag pattern, and is now threatening to climb back to the 125.85 high on the year, and perhaps push towards at least the 126.00 handle in continuation of the prevailing uptrend.USD/JPY Daily Chart 7/13(click to enlarge)In the monthly chart, we can see that the USD/JPY has broken into highs not seen since 2002. The reversal since the 2011-2012 lows of 75.56 - which is also the historic low - has been sharp, so it should not be a surprise if the USD/JPY continue into 2016 with an attack of the 135-135.16 highs of 2002.USD/JPY Monthly Chart 7/13(click to enlarge) Before looking for the 2002 highs, let's first look for price to push towards the 130.00 handle in 2015, We still might get a significant period of consolidation ahead and the monthly chart starts to show a bearish divergence between price and the RSI.