USD/JPY was retreating since December and then consolidated sideways since February. Now, it is likely heading back into the bullish trend that it was on for the second half of 2016. Early last week, we saw a potential double bottom develop. I proposed buy on the dip. USD/JPY is a Buy-On-a-Dip Candidate for MeUSD/JPY 4H Chart(click to enlarge)Range Breakout and Bullish Signal:- Price breaking the 114.90-115 area is a bullish signal. But even before that, we saw momentum building up.- After price crossed the 200- and 100-period simple moving averages (SMAs), price came back down but held above them. This is a bullish slingshot signal.- Furthermore, the RSI pushed above 70, came down and held above 40. Now, it is pushing back to 70. Even when the RSI pushed above 60, we could saw that the prevailing bullish momentum was maintained. - It might still have been a bit early to call a bullish outlook, but with all these signals, I would not have been able to offer a bearish outlook.USD/JPY Weekly Chart(click to enlarge)Bulls are still in Charge:- The weekly chart shows that we might indeed be in a long-term bullish outlook.- If so, we should look for price to eventually hit 120 this year. - I think if the Federal Reserve (Fed) does return to a hawkish campaign and raise rates a couple times this year, USD/JPY should reach 120.