It looks like that the USD/JPY found some support around the 50.0 Fibonacci ratio. The current bullish reversal higher may be the start of a new impulse. Ideally we are now looking at wave one being made, which is displaying qualities of a leading diagonal that may be in final stages.

After the wave one completes itself, a minimum three wave correction is expected to follow in the following wave ii). A break above the 115.50 level would signal higher levels to follow.

USD/JPY, 1H