USD/JPY Technical Analysis: Eyeing flag breakout on 15-min chart

USD/JPY is teasing a flag breakout on the 15-minute chart, which is confirmed, could yield a re-test of the 200-day moving average (MA), currently located at 111.25. 

15-minute chart

As seen above, the pair is currently probing the upper edge of the flag. A convincing break above higher would open up upside toward 111.50 (target as per the measured move method). 

That looks likely as pair not only closed back above the ascending 10-day MA yesterday but has bounced off the equally bullish 5-day MA earlier today. 

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