The USD/JPY pair bolts higher and reverses a brief dip to 113.40 region in the mid-Asian trades after the yen once again met fresh supply on more Japanese economic stimulus steps chatter. USD/JPY: Bulls fight back control ahead of Yellen The dollar-yen pair continues its recovery phase from 113.15 troughs and now catches fresh bid tone largely on the back of renewed selling pressure seen in the yen after the rumours hit the wires that the Japanese Government is considering to announce JPY 5 trillion economic stimulus measures in a bid to revive economic growth. At the time of writing, USD/JPY clocks fresh nine-day high at 113.73, gaining 0.20% on the day. The yen snapped its overnight rally and weakened this session following mixed macro releases from Japan, while the renewed bout of selling interest can be attributed to the stimulus talks doing the rounds, as reported by the Japanese Press this Tuesday. Calendar-wise, Japan's household spending rose for the first time in six months, up 1.2% y/y in February and outpaced estimates of a 1.8% decline. Retail sales rose only 0.5% versus 1.6% increase forecasted. While, the unemployment rate rose from 3.2% in January to 3.3% last month. Later today, the main risk event for the major is expected to be the Fed Chair Yellen’s speech in the NY session, while the consumer confidence data will be also closely monitored for fresh insights on the Fed rate hike outlook. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 114 (round number). A break above the last, the major could test 114.22/45 (50-DMA/ Mar 10 High). While to the downside, the immediate support is seen at 113.15/00 (Mar 28 Low/ 1h 100-SMA) and below that at 112.87 (20-DMA & daily S2). For more information, read our latest forex news.