The USD/JPY found support last week after some decent economic data. It rallied and completed a price bottom but retreated by the end of the week. It looks like the bullish outlook is still alive as long as USD/JPY respects the recent price bottom.USD/JPY 4H Chart (click to enlarge)Bullish Breakout:- The break above the 111.50-111.55 area was important in establishing a price bottom.- However, price is still under the 200-, and 100-period simple moving averages, and the RSI has not pushed above 70 to show bullish momentum.- On the other hand, this past week's price bottom is still alive.Bearish Outlook:- I think a break below 110.70 would be a sign that the overall USD/JPY market is still bearish and we should anticipate a dip towards 110 or lower.- The maximum bearish outlook I would take is 108.00, and I would need to see price start to find resistance around 110.70-111 before gaining confidence for this bearish outlook.Bullish Outlook:- Now, if price extends last week's bullish breakout, there will be a good chance for USD/JPY to climb back to a recent range resistance around 115-115.30, seen in the daily chart below.- Also note that price action has been going against last year's clearly bullish push. So far, we can still consider the dip in USD/JPY as a correction and the overall trend bullish.- If we are conservative about the bullish outlook and anticipate further correction/consolidation before USD/JPY returns to its bullish trend, we can cap the bullish outlook around 114.00.USD/JPY Daily Chart(click to enlarge)