USD/JPY bounces-off 112 amid pullback in DXY

Fresh bids emerged just ahead of 112 handle, prompting a minor-recovery in the USD/JPY pair back towards 5-DMA located at 112.36

The major is seen trading quite choppy so far this session, initially rallying through 112.50 handle on the BOJ bond buying reports, before meeting fresh supply on fresh reports citing that Trump is eyeing an executive order on the Dodd-Frank rule, which fuelled fresh USD selling across the board.

Over the last hours, USD/JPY pulled back from session troughs after the US dollar caught a fresh bid tone, while the yen once again lost ground amid reports that the BOJ's government bond holdings top 40% for 1st time. The spot was last seen exchanging hands at 112.27, down -0.11% on the day, and looking to regain 112.50 barrier.

Later today, the major will continue to get influenced by the USD price-action and risk trends amid a data-quiet economic calendar.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 112.79 (daily R1). A break above the last, the major could test 112.91 (10-DMA) and 113.45 (20-DMA) beyond the last. While to the downside, the immediate support is seen at 112.05/111.95 (daily low/ 100-DMA) next at 111.78 (daily S1) and below that at 111.57 (Feb 7 low).