Bullish breakout on the USD/JPY

On the daily chart of the USD/JPY we can see that the pair has been rallying from the 105.00 zone all the way to the 110.00 area. The bullish trend has been steady with a few consolidations here and there. Actually, once the price go to the 110.00 level, it consolidates there, oscillating around the 200 day EMA (blue line). The bullish pressure accumulates at the 110.00 level with the daily lows higher than the previous ones, forming what it appears to be an ascending triangle. The price of the USD/JPY finally breaks above the 110.00 level and if it continues rallying, then the 111.00 level may act as a resistance. Another possible scenario is the formation of a breakout-pullback pattern around the 110.00 level. To the downside, in case of a false breakout, the price may fall again to the congestion area around the 200 day EMA, with a support at the low of the 108.63 level.