USD/JPY has been hit hard in the last two months. But, it looks like it has formed a base for the time being at 107.50. It slowly started to make its way higher last week but at the beginning of this week it opened with a gap lower. It still couldn´t break last week´s low so the base was confirmed, at least in the short term. This pair has creeped higher this week and last night it surged on the back of BOJ news. Now the 110 level has been broken so it looks pretty bullish from here on. 

The 200 monthly MA has held in the first attempt