Fresh bids emerged near hourly 20-SMA at 112.16, sending USD/JPY back towards 113 handle as speculations over BOJ intervention continues to grow. Eyes on probable BOJ intervention The bulls fought back control and jumped back on the bids after chatter regarding BOJ intervention, in a bid to halt the yen appreciation, started doing the rounds again, especially after BOJ Governor Kuroda was reported to have entered Japan’s PM Abe’s office for a meeting. Further, the yen dived nearly 80-pips versus its American counterpart over the last hours after WSJ carried a report, with Abe’s adviser quoting BOJ may call a meeting on further easing. At the time of writing, USD/JPY trades at 112.70, recording a 0.25% gain so far. Earlier on the day, BOJ Chief Kuroda was on the wires and noted, “Recent risk-aversive moves are excessive, out of line with fundamentals. BOJ's monetary easing may affect yen, stock moves by prompting investors to shift funds out of JGBs and into stocks, foreign bonds.” Meanwhile, markets continue to track the headlines from Japan and the BOJ for fresh incentives on the pair. While the US retail sales due later today will be also closely eyed. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 113/113.30 (psychological levels/ 1h 50-SMA). A break above the last, the major could test 113.85 (5-DMA). While to the downside, the immediate support is seen at 111.93 (Daily low) and below that at 110.98 (Feb 11 Low). For more information, read our latest forex news.