• USD/JPY pair declined to trade around 117.35 after failing to break resistance at 117.92, Currently the pair is making an attempt to approach the immediate support at 116.60. 
   
• The pair is expected to decline further towards 116.00 and later towards 115.80 in the short term, as the Japanese yen is set to gain on US dollar on safe heaven bid. Therefore, it's good to sell this pair on rallies.
   
• Strong support can be seen at  116.60, a break below this level will expose the pair to next support level at 116.00.
   
• Major resistance can be seen at 117.94 (50 % Retracement Level), a break above this level will open the door towards 118.66.
  
  Recommendation: We prefer short around 117.80, targets 117.00, 116.60, SL 118.30.
  
  Resistance Levels
  
  R1: 117.94 (50 % Retracement Level) 
  
  R2: 118.66 (Jan25-2015 highs) 
  
  R3: 119.24(61.8 % Retracement Level)
  
  Support Levels
  
  S1: 116.60 (38.2 % Retracement Level) 
  
  S2: 116.00 (Aug 23rd lows)
  
  S3:115.74 (Jan14-2015 lows)