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1. Bear trend-channel is broken.
2. Prices fail at swing low at 85.00 and form right shoulder of inverted head & shoulders pattern.
3. A fibonacci retracement of the move higher from 5/23 offers the ‘ideal’ long entry point for a test to break the neckline.
4. Stochastic is expected to pullback; turn higher confirming point number 3.
5. If all points above are confirmed the target price has a solid chance of being hit.

All of the above points were met and prices did move right into the target price at 85.60

Looking Ahead
While it is too early to offer any short-term analysis, the daily chart of USD/JPY will likely provide traders an ideal short entry for both longer-term and short-term traders.