USD/JPY Price Analysis: Bulls move in on 135 the figure

• USD/JPY is on the front side of the bullish trend and testing key resistance.
• Bulls eye a break of 135.11 while bears eye 132.80.

USD/JPY rallied by 0.5% on the day and traveled between a low of 133.95 and a high of 135.13. The US Dollar strengthened on Wednesday, lifted by rising Treasury yields with the yield on two-year Treasury notes,  which are sensitive to expectations for the US central bank's monetary policy, added hit a one-month high of 4.286%. This is seeing USD/JPY rally towards 135.11 on the front side of the bullish trend as the following illustrates:

The market has been carving out a bullish bias for the best part of April so far and a break of the 135.11s opens risk to the 137s.  

USD/JPY H4 chart

A break below 134.28 and 133.83 opens the risk thereafter towards the 133.20s.