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Chart - Courtesy Trading View
USD/JPY was trading 0.07% higher on the day at 114.88 at around 04:45 GMT, slightly below session highs at 114.97.
The major has refreshed multi-year highs and is consolidating previous session's gains.
Resurgent US dollar demand seen across the board amid rising inflationary pressures and Fed’s rate hike expectations.
US Treasury yields are once again looking attractive while the DXY tested 16-month peak 96.24 before trimming some gains.
USD/JPY technical indicators are turning bullish. Stochs and RSI are sharply higher, MACD is on verge of bullish crossover on signal line.
ADX supports gains, volatility is high and rising, price action is above cloud and Chikou span is biased higher.
Major Support Levels:
S1: 114.33 (5-DMA)
S2: 113.86 (20-DMA)
Major Resistance Levels:
R1: 115
R2: 115.50 (Mar high)
Summary: USD/JPY on track to close higher for the 4th straight month. The major is trading shy of 115 handle, outlook is bullish. Further upside on cards.
