FxWirePro: USD/JPY consolidating around 113.28, bias is bullish

• USD/JPY inched higher on Thursday as dollar was helped by upbeat U.S. economic data, a day after Federal Reserve Chair Janet Yellen signaled the Fed's rate hikes could be gradual.
   
• U.S. data on Thursday were steady overall, with jobless claims dropping to a seasonally-adjusted 247,000 for the week ended July 8. Claims have now been below 300,000 for 123 straight weeks.
   
• U.S. producer prices rose 0.1 percent in June, with core prices also rising. On an annual basis, however, gains in the PPI slowed to a 2.0 percent pace, from 2.4 percent the month before, adding to the narrative of low inflation.
   
• The currency pair is trading at 113.28 levels, it is set to advance further towards 114.00 and later 114.50 levels in the short term.
   
• To the upside, the strong resistance can be seen at 114.50, a break above this level would take the pair towards next resistance level at 115.00.
   
• To the downside immediate support can be seen at 112.77, a break below this level will open the gates towards next level at 112.34.
  
  Resistance Levels
  
  R1: 113.72 (38.2% Retracement level)
  
  R2: 114.50 (July 11th high)
  
  R3: 115.00 (Psychological levels)
  
  Support Levels
  
  S1: 112.77 (38.2 % Retracement level)
  
  S2: 112.34 (May 8th lows)
  
  S3: 111.81 (61.8 % Retracement level)

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