FxWirePro: USD/JPY refreshes multi-year highs, outlook bullish

Chart - Courtesy Trading View 

USD/JPY was trading 0.41% higher on the day at 117.75 at around 07:45 GMT.

The major is extending bullish streak for the sixth straight session and has refreshed multi-year highs.

Russia's attack on a large Ukrainian base near the border with NATO member Poland escalated fears of third world war.

The US dollar index (DXY) is consolidating previous session's gains around the 100.00 mark on war escalation beyond Russia and Ukraine. 

Further, rising bets over a 50 basis point (bps) by the Federal Reserve at the monetary policy meeting on Wednesday is underpinning the greenback.

Support levels - 117, 116.51 (5-DMA), 115.70 (21-EMA)

Resistance levels - 118, 118.17 (Upper M BB), 118.66 (Dec 2016 high)

Summary: Technical indicators for the pair remains strongly bullish. The pair is poised to break above 118 handle. 

Next major bull target lies at 118.66 (Dec 2016 high). On the flipside, daily cloud is strong support, weakness only on break below.