USD/JPY maintains bearish bias with focus on 116.00 levels

USD/JPY opened around 117.07 and inched higher in the Asian session recovering up to 117.44 levels. Currently the price action is struggling to advance further above, nevertheless short rally towards 117.60 levels should be viewed as selling opportunities as the resistance level at 117.91 is set to hold the bulls from advancing further above and push the pair towards lower levels in the short term, as the US dollar is weaker across the board against Japanese yen. 

• Strong support can be seen at 117.00, a break below this level will expose the pair towards next support level located at 116.50.
   
• Major resistance can be seen at 117.91, a break above this level will open the gates towards 118.35 levels.
  
  Recommendation: We prefer short around 117.50, targets 117.00, 116.50, SL 118.30.
  
  Resistance Levels
  
  R1: 117.53 (38.2 % Retracement Level) 
  
  R2: 117.91 (50 % Retracement Level)
  
  R3: 118.35 (23.6 % Retracement Level)
  
  Support Levels
  
  S1: 117.00 (23.6 % Retracement Level)
  
  S2: 116.50 (Jan 15th lows)
  
  S3:116.00 (Psychological levels)