The USDJPY sold off sharply last night moving below the 50% retracement level of the last leg up and ultimately tested the 61.8 retracement level at the 104.93 level (low 104.97) before bouncing.  The pair has now made it back above the 50% level at the 105.63 level and has strung together 4 straight hourly up bars (see chart below).  If the pair can remain above the 105.63 level today, the bottom may be in place.  All bets are off if the pair goes below the 105.37 level.