The price of yen started to decline sharply amid rising dollar, which was due to the Fed's statement regarding the end of the quantitative easing program and the strategy of monetary policy tightening in the country. After a long consolidation quotations of USD/JPY have broken through the level of the local maximum near 107.40 and began to rise sharply. As a result, the price reached the next target of 108.50 and is likely to continue to move upwards to 110.00. We recommend holding long positions with a stop below 106.00. Our medium-term outlook remains positive.