The price of USD/JPY shows the steady growth amid falling demand for defensive assets. As a result, the quotes broke through the upper limit of the local downward channel and a local maximum at 120.50. In the near future quotes with a high probability will reach the level of 121.50, the overcoming of which will confirm the signal for opening long positions with the closest targets at 123.00, 124.50 and 125.00. Falling is limited by the level of support at 119.00, below which we recommend to set a stop. Our medium-term outlook remains positive, and we are waiting for confirmation of a buy signal.