USD/JPY staged a decent rally and broke above the 114 mark, as the dollar strengthened following the surprise ECB decision, which was fueled by better-than-expected US jobless claims data. US jobless claims dropped to a 5-month low of 259K in the week ended March 4, versus the 275K expected. USD/JPY rose to its highest level in over a week at 114.43 and it was last trading around 114.20, recording a 0.78% gain on Thursday. USD/JPY levels to watch As for technical levels, next resistances could be found at 114.54 (Mar 2 high) and 115.05 (38.2% Fibo retracement of 121.68-110.97). On the flip side, supports are seen at 112.15 (Mar 1 low) and 111.88 (Feb 25 low) ahead of 110.97 (2016 low, Feb 11). For more information, read our latest forex news.