FxWirePro: USD/JPY rebounds, critical resistance at lies ahead

The USD/JPY pair slipped towards 112.36 levels during early US session, however the pair pulled back some losses after the release of jobless claims data from US market.

•  Currently the pair is trading around 112.51 levels, a short dip towards 122.25 levels should be viewed as buying opportunities as the support level at 112.22 is set to hold the bears from falling further below and push the pair towards higher levels in the short term.
   
• Strong support can be seen at 111.85, a break below this level will expose the pair towards next support level located at 111.50 levels.
   
• Major resistance can be seen at 112.60, a break above this level will open the gates towards 112.90 levels.
  
  Resistance Levels
  
  R1: 112.60 (38.2% Retracement Level)
  
  R2: 112.90 (March 23rd high)
  
  R3: 113.06 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 112.34 (Daily lows)
  
  S2: 112.22 (50% Retracement Level)
  
  S3:111.85 (61.8% Retracement Level)