• USD/JPY rose above 156.00 level on Thursday as dollar climbed after upbeat US economic data.
• A stronger job market than anticipated was demonstrated by the US weekly initial unemployment claims, which dropped -4,000 to a 5-1/2 month low of 217,000.
•US October PPI final demand increased by +2.4% year over year, above forecasts of +2.3% year over year. The October PPI ex-food and energy increased by +3.1% year over year, which was more than the +3.0% predicted.
•The greenback climbed above 156 yen for the first time since July, it last was last trading at 1.55.96 at (16:02 GMT).
• Immediate resistance is located at 156.16 (23.6%fib), any close above will push the pair towards 156.64(Higher BB).
• Support is seen at 155.33(Daily low) and break below could take the pair towards 154.51(38.2%fib)
Recommendation: Good to buy around 156.80 with stop loss of 156.00 and target price of 157.00
