The USD/JPY is directionless and consolidates the gains from the previous session on Friday morning in the Asian trading session. The USD/JPY bounced higher on Wednesday after Federal Reserve chair Jerome Powell backed for a 25-bps rate hike. This was a much-needed step to control the rising inflation amid the Russia-Ukraine crisis. The ongoing war between Russia and Ukraine has created supply chain bottlenecks and made the oil highly expensive. The USD/JPY is expected to test the next immediate resistance level at the 115.500 mark after the minor consolidation phase.
