• USD/JPY declined on Wednesday as investors sold riskier assets and rushed towards safe havens, such as gold and Japanese yen, on concerns about U.S. President Donald Trump's economic growth agenda.
   
• Investors became jittery overnight on worries about how quickly Trump could implement pro-growth policies, and unwound bullish bets on the U.S. dollar. That hit risk sentiment globally, hurting stocks, commodities and currencies.
   
• Further upside for this pair is expected to be limited as resistance at 112.64 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 111.72, a break above this level would take the pair towards next resistance level at 112.64.
   
• To the downside immediate support can be seen at 111.00, a break below this level will open the gates towards next level at 110.18.
  
  Resistance Levels
  
  R1: 111.72 (50% Retracement level)
  
  R2: 112.64 (61.8% Retracement level)
  
  R3: 113.48 (March 17th high)
  
  Support Levels
  
  S1: 111.00 (38.2% Retracement level)
  
  S2: 110.18 (Nov 22nd lows)
  
  S3: 109.63 (23.6% Retracement level)