Chart - Courtesy Trading View
USD/JPY was trading 0.14% higher on the day at 124.06 at around 08:00 GMT. The major is extending gradual grind higher, holds 5-DMA support.
US dollar remains supported by the prospect of a more aggressive pace of Federal Reserve interest rates hikes.
FOMC minutes of the Fed's March meeting showed "many" participants were prepared to raise interest rates in 50-basis-point increments in coming months
The dollar index rose as high as 99.99 in early Asia trade, its best level since May 2020, before slipping slightly to trade at 99.88 at around 08:35 GMT.
Momentum is bullish, volatility is high. Overbought oscillators may cause some pullbacks. Retrace below 200H MA (122.90) can drag the pair lower.
Upside in the pair is intact. Major trend remains bullish. Scope for test of 2015 high at 125.85. Bullish invalidation only below daily cloud.
