USD/JPY has retraced about 60 pips from the highs yesterday. It touched the 50 MA in the 4-hour chart but couldn´t break below it. It would be perfect if the price fell somewhere around 108, but the thing is that a reversal is taking place and we are seeing higher lows and higher highs. So, we might not see 108 again. The BOJ meeting and press conference are due in about a week so the chances are that they will do whatever it takes to send this pair higher and we don´t want to miss that chance. 

USD/JPY is not oversold yet in the H4 chart