Chart - Courtesy Trading View
USD/JPY was trading 0.93% higher on the day at 128.125 at around 05:20 GMT, bias bullish.
The pair has gained over 5.30% for the month till date and no signs of bullish exhaustion seen.
Geopolitical issues and surging energy prices weighed on the Japanese yen, pushing the pair higher.
Ukraine-Russia conflict shows no signs of truce in the near-term, elevates the prospects of high global inflation.
Falling Yen triggered reactions of the Japanese Finance Minister and the Bank of Japan (BoJ) which said the central bank was keeping an eye on the impact of excessive FX movements.
Japanese Finance Minister Shunichi Suzuki expresses concerns about the sharp drop in the yen recently, noting that it can have more negative impact.
Technical analysis supports further upside. Oscillators are at overbought levels, but no signs of reversal seen.
