USD/JPY has been feeling quite heavy in the last few months. It has declined about 15 cents (1,500 pips) from the 1.25 highs. It reached 1.11 in February during the days of panic and then it jumped nearly 400 pips higher when the BOJ became more vocal. But the downtrend resumed once again and this pair found itself near the lows again. It even broke below 1.11, reaching as low as 1.1067 last Thursday but once again it moved higher and right now we are at 1.1260s. Did the bears have enough and gave up? 

USD/JPY is looking bullish in the daily chart