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Chart - Courtesy Trading View
USD/JPY was trading 0.22% higher on the day at 123.85 at around 05:05 GMT, outlook is bullish.
The US dollar was boosted as investors digested the possibility of aggressive monetary tightening by the U.S. Federal Reserve to fight inflation.
U.S. Treasury yields hit multi-year highs after Fed Governor Lael Brainard said overnight that she expected a combination of interest rate rises and a rapid balance sheet runoff to take U.S. monetary policy to a "more neutral position" later this year.
Focus now on the release of FOMC minutes for clues on the prospect of a 50 basis point hike at the U.S. central bank's next meeting in May.
Technical bias for the pair is bullish. Scope for test of fresh multi-year high above 125 handle.
Major Support Levels:
S1: 123
S2: 122.88 (5-DMA)
Major Resistance Levels:
R1: 124
R2: 125.31 (Upper BB)
Summary: USD/JPY is likely to extend its bullish streak to test fresh multi-year highs. Bullish invalidation only below 21-EMA.
