• USD/JPY declined on Thursday as the political turmoil in the United States triggered an investor flight from the riskier dollar into safe-haven Japanese yen.
   
• Reports that Trump had tried to intervene in an investigation into alleged Russian meddling in last year's U.S. presidential election, and that his aides had numerous undisclosed contacts with Russian officials, kept market tensions high a day.
   
• The pair is set to reach 110.50 and later towards 110.20 in the short term as the US dollar is set to weaken further against its Japanese counterpart in the short term. Therefore it’s good to sell this pair on short rally.
   
• To the upside, the strong resistance can be seen at 112.23, a break above this level would take the pair towards next resistance level at 112.77.
   
• To the downside immediate support can be seen at 110.67, a break below this level will open the gates towards next level at 110.21.
  
  Resistance Levels
  
  R1: 111.45 (50% Retracement level)
  
  R2: 112.23 (61.8% Retracement level)
  
  R3: 112.77 (May 5th high)
  
  Support Levels
  
  S1: 110.67 (38.2% Retracement level)
  
  S2: 110.21 (Daily lows)
  
  S3: 109.70 (23.6% Retracement level)