While USD crosses mainly consolidate following the sharp rallies overnight, the action seems to have moved to the JPY crosses. Scanning the daily charts, the E/J jumps out at me because it has managed to push above its May high at 133.70. The question of course now is, is this a break-out or a fake-out? For me, breaching this important level is a bullish sign, and it should mean that the old high may turn to support when we have a retrace. Looking back , the push through the downward sloping resistance trendline and then retesting it as support was a great clue. I had to zoom out to the weekly to get a next medium term target to the upside, which comes in around 138.30 and where the highs set in late 2009.With the pair breaking a 4-month consolidation, I believe we can have further upside potential, and a 450 pip move over the next few weeks is not out of the question.Of course, we'll have to monitor exactly what happens if we do come back and retest the previous high in the short-term and work from there, buts its always good to get context from the longer-term charts. - Nick