BofA provides a bullish perspective on USD/JPY based on its technical analysis, highlighting the following aspects:

1. Cup and Handle Bottom Pattern: BofA identified a "cup and handle" bottom pattern, which is a bullish continuation pattern. This pattern was indicative of an upside movement when it broke out in May.

2. Price and the Ichimoku Cloud: After the breakout, the price of USD/JPY moved above the Ichimoku cloud, a popular technical indicator used to gauge momentum and future areas of support and resistance. Following this move, the price dipped momentarily, only to retest and hold its breakout point. Such behavior is usually a bullish sign, indicating that the breakout is genuine and not a false signal.

3. Momentum and Trend: The current trend for USD/JPY is shifting higher from its support levels. BofA's analysis of momentum indicators suggests there is room for the momentum to grow. The future lines of the Ichimoku cloud (often referred to as "Senkou Span A" and "Senkou Span B") are nearing each other, hinting at a potential bullish crossover soon.

4. Upside Targets: Based on the technical patterns and indicators, BofA foresees the USD/JPY having the potential to reach levels of 145.25 and subsequently 148.50.

5. Support Level: BofA emphasizes that this bullish outlook is maintained as long as the USD/JPY remains above the 137 level, suggesting that 137 is a significant support level.

Conclusion: BofA's technical analysis paints a bullish picture for USD/JPY, with potential upside targets identified. The recognition of the cup and handle pattern, movement with respect to the Ichimoku cloud, and momentum indicators all point towards potential upward movement in the near term.