FxWirePro: USD/JPY spikes past 200-DMA as markets cheer upbeat US PPI and jobs data, eyes 112 handle

USD/JPY chart - Trading View 

• USD/JPY extends previous session's gains, trades 0.09% higher on the day at 111.73.
   
• US dollar buoyed across the board after upbeat US PPI and jobs data overnight.
   
• Data the showed a larger-than-expected increase in PPI in March and initial jobless claims at the lowest since 1969.
   
• US Treasury yields bounced back, and as the yield-curve becomes less of a concern, markets remain risk-on.
   
• The pair could extend bullish momentum upto 112 mark. Further upside to see test of 76.4% Fib at 112.21.
   
• On the flipside, daily cloud offers strong support. Weakness only on break below.
   
• Focus now on US export/import prices along with UMitch Consumer Sentiment Index for further impetus.

Support levels - 111.50 (200-DMA), 110.78 (cloud top)
Resistance levels - 112, 112.21 (76.4% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.