USD/JPY Technical Analysis: Breakout confirmed on the line chart

USD/JPY could challenge last week's highs above 111.80, having confirmed a flag breakout with a move above 111.53 in early Asia, according to the hourly line chart. 

A flag breakout usually extends the preceding bullish move. So, there is scope for a rally toward 112.38 (target as per the measured move method). 

The bullish setup would be invalidated if the spot finds acceptance below 111.50. 

Hourly chart

Trend: Bullish