The US dollar managed to recover ground somewhat versus its Japanese counterpart in the mid- European session, now sending USD/JPY lower from 113.09 session tops. USD/JPY back near 200-SMA at 112.98 The major’s recovery from 112.60 found fresh leg post-European open as the European stocks staged a solid rebound and lifted the risk sentiment, offering respite to the USD bulls. The German DAX rallies +2.14%, while pan-European benchmark, the Euro Stoxx 50 rises +2.18%. Underpinning the recovery further, the black gold also bounced higher on the back of ongoing talks of OPEC and non-OPEC meeting on output cuts next month. At the time of writing, USD/JPY trades almost unchanged at 112.98, where the hourly 200-SMA intersects. Later in the NY session, the second estimate of the US Q4 GDP will be released, along with the GDP price index and the PCE annualized index. Moreover, personal spending and income figures are also lined up for release. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 113.09 (session high). A break above the last, the major could test 113.22/39 (daily & Feb 22 High). While to the downside, the immediate support is seen at 112.39 (1h 100-SMA) and below that at 112 (round number). For more information, read our latest forex news.