• USD/JPY declined on Tuesday as the dollar dipped ahead of a news conference on Wednesday by U.S. President-elect Donald Trump.
   
• The market is looking for more clues on Trump's spending plans in the first speech since his shock win in November, pushing the dollar lower.
   
• Further upside for this pair is expected to be limited as strong resistance level at 116.46 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 115.76, a break above this level would take the pair towards next resistance level at 116.46.
   
• To the downside immediate support can be seen at 115.34, a break below this level will open the gates towards next level at 114.70.
  
  Resistance Levels
  
  R1: 115.76 (50% Retracement level)
  
  R2: 116.46 (61.8% Retracement level)
  
  R3: 117.00 (Psychological levels)
  
  Support Levels
  
  S1: 115.34 (38.2% Retracement level)
  
  S2: 114.70 (Dec 14th lows)
  
  S3: 114.20 (23.6% Retracement level)