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    USD/JPY stages solid recovery in tandem with Nikkei, 113 eyed Dhwani Mehta

    The US dollar rebounds sharply higher against its Japanese counterpart in the mid-Asian trades, now pushing USD/JPY further towards 113 handle amidUSD/JPY regains 5-DMA at 102.78The dollar-yen pair resumes its recent uptrend, rebounding sharply from a brief decline seen last Friday, as risk-on sentiment appears back in vogue amid higher Asian equities and broad based commodities’ rally. At the time of writing, USD/JPY trades 0.29% higher near fresh session highs of 102.81, while the Nikkei 225 index pushes 0.70% higher to trade around  15,800 levels.Moreover, risk appetite seems to be returning in markets as dust settles over the Brexit aftermath, and amid expectations of more rounds of easing by the global central bankers after the market uncertainty triggered by Brexit.Looking ahead, the major is likely to remain supported amid low volumes and limited volatility as the US markets remain closed today in observance of Independence Day. While focus for the week ahead remains the minutes of the FOMC June 15 meeting.USD/JPY Technical levels to watchIn terms of technicals , the immediate resistance is located at 102.93/103 (10-DMA/ round figure). A break above the last, the major could test 103.33/41 (Jun 30 & Jul 1 High). While to the downside, the immediate support is seen at 102.54/43 (Daily pivot & Low) and below that at 102.15 (Jun 29 Low).


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