USD/JPY Price Analysis: Bulls eye a break of 200 DMA and eye 138.20s

• USD/JPY bulls eye a break of the 200 DMA on the back of firm US Dollar prospects. 
• A break of the 200 DMA opens risk of a significant run higher. 

USD/JPY is bid with The DXY index, a measure of the US Dollar vs. a basket of currencies including the Yen, vaulting 105 the figure in a move that started out from 104.43 and kept going until 105.435. 

, Federal Reserve's chair Jerome Powell said that the US central bank will stay the course until the job is done. However, Fed's Powell added that the ultimate level of interest rates is likely to be higher than previously anticipated. Federal Reserve's chairman Jerome Powell also said that the Fed is prepared to increase the pace of rate hikes if data indicates it is warranted:

 "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."

This has left a bullish bias on the charts as follows:

USD/JPY H1 chart

After a series of failed breakouts, both ways, the bulls are breaking out of the upside channel resistance as a fresh wave of longs enters the market, Day 1 or D1 longs. 

Bulls eye the 200 DMA as shown as a line on the hourly graph above. A break of there, neat 137.50 opens the risk of a significant recovery higher as follows: 

USD/JPY daily chart