The USDJPY breaks higher out of descending wedge.

The USDJPY has been feeling some downside pressure in recent weeks, but today the rally past the downtrend line at the 106.60 level prompted some major short squeezing of the pair. The 108.19 level which is the 38.2% Fibonacci resistance will be key since the 200DMA comes in at the same price. A break of this level and the 110.00 level could come into view quickly. RSI is also pointed higher.