USD/JPY pushing higher, near 112.80

• Spot moves to session tops near 112.80.
• US 10-y yields rebound to 2.34% and above.
• DXY firmer, beyond 93.70.

The buying pressure around the greenback remains unabated on Thursday and is now lifting USD/JPY to the area of daily highs in the 112.70/80 band.

USD/JPY looks to data, yields

The pair has reverted yesterday’s pullback although it manages well to keep the trade in the upper end of the weekly range near 112.80.

Yields of the key US 10-year benchmark have bounced off weekly lows in the vicinity of the 2.31% handle and are now up around 4 bps just above the 2.34% mark, all adding to the up move in spot.

In the data space, key Japanese GDP figures for the third quarter are due tomorrow, while US initial claims are due later in the NA session ahead of tomorrow’s critical non-farm payrolls for the month of November.

USD/JPY levels to consider

As of writing the pair is gaining 0.40% at 112.72 facing the next up barrier at 112.77 (55-day sma) seconded by 112.88 (high Dec.5) and finally 113.09 (high Dec.4). On the downside, a breakdown of 112.07 (10-day sma) would open the door to 112.00 (low Dec.6) and then 111.67 (200-day sma).