USD/JPY jumps to multi week highs above 111.80 on strong NFP

• NFP rebounds sharply in March. 
• US Dollar Index clings to small gains following the initial reaction to the data.
• Wall Street opens in the positive territory.

The USD/JPY pair advanced to its highest level since March 15 at 111.82 after the greenback gathered strength against its rivals on the back of upbeat NFP data. As of writing, the pair was trading at 111.70, adding 0.04% on a daily basis.

According to the monthly report published by the U.S. Bureau of Labor Statistics, nonfarm employment in the U.S. increased by 196,000 in March to surpass the market expectation of 180,000. Moreover, February's reading got revised up to 33,000 from 20,000. Although the US Dollar Index advanced toward the mid-97s with the initial market reaction, it struggled to preserve its momentum as further details of the report showed that wage inflation came in below analysts' estimate. 

Assessing the data, "A good-enough jobs report will keep the Fed in watch-and-wait mode, as global growth concerns dominate Fed attention. Payroll growth rebounded while wage growth was soft and slack remained scarce. We expect the Fed to wait for data to cumulate before any possible change in tone," said TD Securities analysts. 

Meanwhile, major equity indexes in the U.S. started the day modestly higher on Friday to help the pair stay in the positive territory.