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After closing in the negative territory for three straight days and dropping to its lowest level of April yesterday, the USD/JPY reversed its direction on Thursday and advanced to a daily high of 111.35. As of writing, the pair was trading a couple of pips below that level, rising 0.3% on a daily basis.
The broad-based USD strength seems to be fueling the pair's rebound today. Supported by the upbeat data, the US Dollar Index rose above the 97 mark to erase yesterday's losses. The Department of Labor in its weekly report revealed that the initial weekly jobless claims dropped to its lowest level since 1969 at 196K in the week ending April 5. Moreover, the Producer Price Index (PPI) rose 0.6% and 2.2% on a monthly and yearly basis, respectively, with both data coming in higher than analysts' estimates. At the moment, the DXY is up 0.21% on the day at 97.12.
Additionally, the 10-year T-bond yield is rising 0.75% on a daily basis to provide an additional boost to the pair. Later in the session, St. Louis Fed President James Bullard will be delivering a speech and the dollar's market valuation is likely to remain as the primary driver of the pair's price action.
Technical levels to consider
The pair could face the initial resistance at 111.50 (200-DMA). With a daily close above that level, the pair could stretch higher and target 111.85 (Apr. 5 high) and 112.15 (Mar. 5 high). On the downside, supports are located at 111.10 (50-DMA), 110.40 (100-DMA) and 110 (psychological level).
