USD/JPY technical analysis: Probing the upper edge of the hourly chart bull flag

• USD/JPY has created a bull flag on the hourly chart. 
• A flag breakout would open the doors to 110.11. 

USD/JPY is currently trading at 109.60 – the upper edge of a bullish continuation pattern called a bull flag. 

An hourly close above 109.60 would confirm a flag breakout and could lead to an upside move roughly to the extent of the pole, I.e. preceding bullish move from 109.19 to 109.70. 

Put simply, the flag breakout, if confirmed, would open the doors to 110.11. 

A breakout cannot be ruled out as the futures as the 0.16% gain in the futures on the S&P 500 is pointing to a risk reset in the financial markets. 

The bull flag pattern would be invalidated if the spot drops below 109.48. 

Hourly chart

Pivot levels