Daily Pivots: (S1) 137.34; (P) 138.04; (R1) 138.65; More… Intraday bias in USD/JPY remains neutral for consolidation below 138.73 temporary top. Downside of retreat should be contained by 136.31 support to bring another rally. Break of 138.73 will turn bias back to the upside for 100% projection of 127.20 to 137.90 from 129.62 at 140.32.

As of now, the USD/JPY is trading at 137.90. The currency pair has been in an uptrend since the beginning of the year, and it is currently trading near its 2023 highs.

There are numerous factors that are contributing to the strength of the dollar. One factor is the ongoing war in Ukraine. The war has caused economic uncertainty in Europe, and it has also led to higher energy prices. This has put downward pressure on the euro, which has made the dollar more attractive to investors.

Another factor that is contributing to the strength of the dollar is the divergence between the monetary policies of the Federal Reserve (Fed) and the Bank of Japan (BoJ). The Fed is expected to continue raising interest rates this year, while the BoJ is expected to keep interest rates low. This difference in monetary policy is making the dollar more attractive to investors.

The current trend for USD/JPY is up. However, numerous factors that could cause the currency pair to reverse course. One factor is if the war in Ukraine ends. Another factor is if the BoJ starts to raise interest rates. If either of these events occur, it could lead to a decline in the dollar. Keep watch on these important determinant factors in your trading.

Overall, the current trend for USD/JPY is up.