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Chart - Courtesy Trading View
USD/JPY was trading 0.85% higher on the day at 138.67 at around 08:55 GMT.
A pledge from Federal Reserve chair Jerome Powell to keep interest rates higher in a bid to bring down surging inflation buoyed the dollar across the board.
The dollar index was trading at 109.27, slightly lower from a new two-decade peak of 109.478 hit earlier in the trading session.
U.S. payrolls data due Friday will be key, a strong labor market report may give the Fed additional room to maintain its current pace of tightening.
USD/JPY is extending bounce off daily cloud support. Technical indicators support further upside in the pair.
The major has retraced most of the previous months' losses and is on track to close the month with over 4% gains.
Major Support Levels:
S1: 137.27 (5-DMA)
S2: 135.93 (21-EMA)
Major Resistance Levels:
R1: 138.68 (Upper BB)
R2: 139
Summary: USD/JPY was trading with a bullish bias. Weakness only below cloud.
