• USD/JPY rose on Thursday as dollar regained its footing after data showed solid economic growth, a day after Federal Reserve Chair Janet Yellen signaled further rate hikes are likely.
   
• Better than expected jobs and housing data pushed the dollar higher and reinforced the view that the U.S. economy is robust to warrant rate rises this year.
   
• However, as investors remained cautious ahead of the inauguration of President-elect Donald Trump on Friday.
   
• To the upside, the strong resistance can be seen at 116.23, a break above this level would take the pair towards next resistance level at 116.86.
   
• To the downside immediate support can be seen at 114.80, a break below this level will open the door towards next level at 114.37.
  
  Resistance Levels
  
  R1: 115.43 (50% Retracement Level)
  
  R2: 116.23 (61.8% Retracement Level)
  
  R3: 116.86 (Jan 11th high)
  
  Support Levels
  
  S1: 114.80 (38.2% Retracement Level)
  
  S2: 114.37 (Daily lows)
  
  S3: 113.92 (23.6% Retracement Level)