FxWirePro: USDJPY neutral near-term, scope for upward resumption

The USD/JPY pair initially slipped towards lower levels during European session, however the pair after finding strong support at 112.22 rebounded strongly and is moving towards higher side. 

• Currently the pair is making an attempt to rebound back towards 113.00 levels as the dollar bulls have regained strength ahead of tomorrow's ECB meeting. 
   
• Further downside is expected to be limited as the support level at 112.21 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 112.00, a break below this level will expose the pair towards 111.50 levels.
   
• Major resistance can be seen at 113.62, a break above this level will open the gates towards 114.00 levels.
  
  Resistance Levels
  
  R1: 113.15 (Daily high) 
  
  R2: 113.62 (23.6% Retracement Level)
  
  R3: 114.26 (March 4th high)
  
  Support Levels
  
  S1: 112.21(50% Retracement Level)
  
  S2: 112.00(61.8 % Retracement Level)
  
  S3: 111.00 (Feb 24th lows)