• USD/JPY rose on Monday as after US ISM services data showed the pace of growth among domestic services industries accelerated more than forecast in November.
   
• The dollar quickly regained its footing against Japanese Yen as investors shrugged off worries of political instability in Italy, while dollar and U.S. Treasury yields rose after U.S. economic data.
   
• Further downside is expected to be limited as the pair finds strong support at 114.07 should limit further decline and bring rebound towards higher levels in the short term.
   
• To the upside, the strong resistance can be seen at 115.00, a break above this level would take the pair towards next resistance level at 115.55.
   
• To the downside immediate support can be seen at 114.07, a break below this level will open the door towards next level at 113.41.
  
  Resistance Levels
  
  R1: 114.70 (38.2% Retracement Level)
  
  R2: 115.00 (Psychological levels)
  
  R3: 115.55 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 114.07 (50% Retracement Level)
  
  S2: 113.41 (61.8% Retracement Level)
  
  S3: 112.84 (Daily lows)