The JPY buying stalled in early Europe, making way for a technical correction in the USD/JPY pair, which now trades above 112.00 levels. JPY trims gains as European equity futures rise The major European equity index futures are pointing to a positive start, despite losses in oil. Consequently, the carry unwind appears to have come to a halt. Hence, the USD/JPY pair recovered from the daily low of 111.63 to trade just above 112.00 handle. Ahead of the US data, the pair remains at the mercy of the oil prices moves and the resulting impact on the equities. USD/JPY Technical Levels The immediate resistance is seen at 112.55 (5-DMA), which if taken out shall open doors for a rally to 113.10 (10-DMA). On the other hand, a break below 111.63 (daily low) could see the spot extend the losing streak to 110.97 (Feb 11 low). For more information, read our latest forex news.