USD/JPY rises modestly, trades above 110.60 after strong NFP report

• USD/JPY pair is edging higher in the early American session.
• 10-year US T-bond yield is posting small daily gains near 1.7%.
• Nonfarm Payrolls in the US surged by 916,000 in March.

After spending the last couple of hours in a very tight range near 110.50, the USD/JPY pair gained traction and touched a session high of 110.68 in the early American session. As of writing, the pair was posting small daily gains at 110.62.

US registers impressive job growth in March

The monthly data published by the US Bureau of Labor Statistics showed on Friday that Nonfarm Payrolls in March rose by 916,000. This reading beat the market expectation of 647,000 by a wide margin. Additionally, February's reading got revised up to 468,000 from 379,000.

Although the market reaction was largely muted amid the Easter holiday, the 10-year US Treasury bond yield, which lost more than 4% on Thursday, turned positive on the day near 1.7% and helped the greenback find some demand. At the moment, the US Dollar Index is marginally higher on the day at 92.95.

Stock markets in the US will remain closed on Good Friday and the bond market will close at 1600 GMT, suggesting that USD/JPY is unlikely to make a decisive move in either direction ahead of the weekend.

Technical levels to watch for