• USD/JPY pair has declined to trade around 112.41 levels after failing to break resistance at 112.65, Currently the pair is making an attempt to approach the immediate support at 112.26.
   
• The pair is expected to decline further towards 112.00 and later towards 111.65 in the short term, as the Japanese yen is set to gain on US dollar on safe heaven bid.
   
• Strong support can be seen at 112.26, a break below this level will expose the pair to next support level at 112.00.
   
• Major resistance can be seen at 112.76 (50 % Retracement Level), a break above this level will open the door towards 113.29.
  
  Resistance Levels
  
  R1: 112.65 (Daily high)
  
  R2: 112.76 (50 % Retracement Level)
  
  R3: 113.29 (61.8 % Retracement Level)
  
  Support Levels
  
  S1: 112.26 (38.2 % Retracement Level)
  
  S2: 112.00 (Psychological levels)
  
  S3:111.65 (23.6 % Retracement Level)