The USD/JPY is trading up by 0.20 % on Wednesday after US president Joe Biden announced a ban on Russian flights from US airspace. He also condemned the actions of Russia in strong words and extended support to the people of Ukraine. The rise in US bond yields also supported the dollar index. Investors remain optimistic regarding the ADP employment data report, due this week. Fed Chair Powell will also deliver the Semi-annual Monetary Policy Report to Congress before the House Financial Services Committee. All these events are expected to boost the demand for the US dollar and the USD/JPY pair may extend an increase towards the next immediate support level at the 116.00 mark
