• USD/JPY declined on Monday as the greenback weakened and investors unwound previous bets the Federal Reserve would hike U.S. interest rates at an aggressive pace this year.
   
• The greenback has been on the retreat since the U.S. Federal Reserve raised interest rates on Wednesday but stopped short of predicting a sharper acceleration in monetary tightening over the next two years.
   
• The ongoing downside is set to continue for this pair as the resistance level at 114.23 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, the immediate resistance can be seen at 113.43, a break above this level would take the pair towards next resistance level at 114.23.
   
• To the downside immediate support can be seen at 112.62, a break below this level will open the gates towards next level at 112.00.
  
  Resistance Levels
  
  R1: 113.43 (50% Retracement level)
  
  R2: 114.23 (61.8% Retracement level)
  
  R3: 114.85 (March 15th high)
  
  Support Levels
  
  S1: 112.62 (38.2% Retracement level)
  
  S2: 112.00 (Psychological levels)
  
  S3: 111.62 (23.6% Retracement level)