USD/JPY finds good support near 5-DMA

USD/JPY is seen trading around a flat-line so far this session, confined in a 30-pips slim range, with markets awaiting fresh impetus for the next push higher.

The spot is back on the offers, after having witnessed a brief recovery stint from session lows  reached near 5-DMA at 113.56, as the greenback extends its corrective mode after the recent strength fuelled by Trump’s tax cut talks and peaceful Trump-Abe Summit.

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While markets appear to have ignored upbeat China CPI data, as attention shifts towards the US PPI data, while Fed Chair Yellen’s testimony will also provide fresh direction on the buck.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 114.17 (10-day high). A break above the last, the major could test 114.50 (round number) and 115.14 (Jan 30 high) beyond the last. While to the downside, the immediate support is seen at 113.30 (20-DMA) next at 113 (round figure) and below that at 112.44 (100-DMA).