• The USD/JPY pair continued to gain from Fridays close as the Japanese yen lost further ground against US dollar as stronger-than-expected payrolls data bolstered U.S. interest rate hike expectations in September.
   
• Currently, the pair is trading around 102.45 levels, a short dip towards 102.00 levels should be viewed as buying opportunity as the support level at 101.71 is set to hold the bears from falling further below and push the pair towards higher levels in the short term.
   
• Immediate support can be seen at 102.41, a break below this level will expose the pair towards next support level located at 102.06 levels.
   
• Major resistance can be seen at 103.00, a break above this level will open the gates towards 103.36 levels.
  
  Resistance Levels
  
  R1: 102.80 (23.6% Retracement Level)
  
  R2: 103.00 (Psychological levels)
  
  R3: 103.36 (July 1st high)
  
  Support Levels
  
  S1: 102.41 (38.2% Retracement Level)
  
  S2: 102.06 (50% Retracement Level)
  
  S3:101.71 (61.8% Retracement Level)