USD/JPY Price Analysis: Bulls take on fresh bull cycle highs, but how far can this run?

• USD/JPY has been a head-turner at the start of the week. 
• The pair has rallied to fresh bull cycle highs, but corrections are anticipated.

The US dollar soared to a 24-year high on the yen following Japan's ruling conservative coalition's strong election showing indicated no change to loose monetary policies. This has seen the pair move deeper into blue skies making analysis to the upside a tricky task. 109.77 is the Sep 2002 high in the DXY which leaves plenty of room for USD/JPY to move higher.

The dollar has already climbed to as high as 137.75, its firmest since late 1998. However, corrections are anticipated along the way and the following illustrates the potential trajectory for the pair on a multi-timeframe basis:

USD/JPY monthly chart

The pair is showing no signs of slowing and it is feasible for it to add to today's gains this week. But the question is how far can this run before pulling back?

USD/JPY daily chart

The bulls have taken out prior highs following a higher low. The old highs come as new support. 

USD/JPY hourly chart

We have a classic impulse, correction and expected fresh impulse stacking up on the hourly chart with the price holding above prior highs and having made a deep 38.2% Fibonacci correction. 

However, the downside cannot be ruled out given the break of the supporting trendline. 

USD/JPY 15 min chart

If the downside were to play out, it could look something like the above with price imbalances, the grey boxes, being mitigated along the way as price targets.