USD/JPY surge through 115.00 handle for the first time since Feb.

The greenback continues to gain traction, with the USD/JPY pair breaking through its recent consolidative phase and surge past 115.00 psychological mark to touch the highest level since Feb. 10.

Growing expectations of a faster Fed rate-tightening cycle, beyond December meeting, continues to underpin the US Dollar. Meanwhile, bullish sentiment surrounding equity market, with most major US equity indices hitting back to back record highs, is further weighing on the Japanese Yen's safe-haven appeal and supporting the pair strong bid tone surrounding the major. 

Later during NA session, Prelim UoM Consumer Sentiment is the only important market moving release from US economic docket on Friday. 

Technical levels to watch

From current levels, 115.26 (Feb. 10 high) seems to act as immediate resistance above which the pair is likely to head towards 115.85 resistance (Feb. 9 high) with 115.50 level acting as intermediate resistance. On the downside, 114.85-80 region (previous resistance) now becomes immediate support to defend, which if broken is likely to drag the pair back towards 113.30 strong horizontal support.