USD/JPY jumps toward 111.80, 6-day high

The US dollar recovered strength during the last hour amid rising US bond yields. USD/JPY rose from 111.10 to 111.78 in a few minutes reaching the highest levels since last Wednesday. 

The pair remains near the highs, holding a strong bullish tone in the short-term. The recent rally put an end to three days of limited price action. 

The yen weakened in the market as US bonds decline. The 10-year yield climbed from 2.236% to 2.275%, the highest level in almost a week. Equity market remained steady despite recent moves in the currency and bond market. The Dow Jones is up 0.17% while the Nasdaq gains 0.01%. 

Technical levels 

To the upside, resistance levels might be located at 111.80 (daily high), followed by 112.00 (psychological) and 112.30 (May 4 low). On the downside, support now could be seen at 111.30/35 (previous daily high), 110.85 (daily low) and 110.50 (May 17 low).