USD/JPY Price Analysis: Bulls testing the 200 DMA on the front side of bull trend

• USD/JPY bulls committing to the price on the front side of the micro bull trend. 
• Bulls eye a break of the 200 DMA. 

USD/JPY remains on the front side of the bull trend with the US Dollar still perched near a three-month high on Thursday. Traders have repriced a more aggressive pace of interest rate hikes in the wake of Federal Reserve chairman Jerome Powell's comments. Fed funds futures are now implying a 70% chance the Fed will raise rates by 50 basis points this month. This is up from just about 9% a month ago and favouring USD/JPY bulls as the following illustrates:

USD/JPY H4 charts

The 4-hour chart shows the bulls in control in and around the 200 DMA following a pullback into the Fibonacci scale. 

USD/JPY H1 chart

A meanwhile micro trendline has formed on the hourly chart and bulls appear to be committing to the price on the front side so far.