USD/JPY finds support at 112.00 and trims losses

USD/JPY moved off daily lows and trimmed losses amid a rally of the US dollar across the board. The yen still remains among the top performers of the day. 

The pair bottomed at 112.04, the lowest level in two weeks. From the lows it bounced quickly to the upside. The recovery of the US dollar lost strength below 112.50. 

Currently, the pair trades at 112.30/35, 55 pips below the level it closed last week. 

Technical levels

Despite it moved off lows, USD/JPY still holds a bearish bias. Below 112.00, attention would turn to 111.60, where February lows area located. Below that level, the next target could be seen near the 111.00 zone. 

On the upside, if the US dollar rises above 112.50/55 (American session high / 20-hour moving average) it could remove the negative short-term momentum. Above the next resistance level might be seen at 112.95 (daily high) and 113.30.