USD/JPY has broken above 1.2200 for the first time since December 2015.

It's been a sensational month for buyers of yen crosses and USD/JPY is certainly no exception.

USDJPY monthly chart

On thing to keep in mind is that March is fiscal year end in Japan. Typically that sets up yen repatriation but that certainly hasn't been the case this year. Those flows have been overwhelmed by rising yields and the market's embrace of inflation. The trigger for that was the FOMC meeting and the war in Ukraine.

Technically, there isn't much in the way of major resistance until the 2015 high of 125.85. Of course, indicators like the RSI are deeply overbought. It's been a one-way 700-pip move. I worry about a sharp correction but right now the trend is certainly your friend. If a dip comes, the 118 zone would be a spot to pounce.