• USD/JPY pair in the early US session has paused to trade around 110.35 levels, having declined down earlier towards 110.22 during the previous European session. The pair is trading a few pips above its daily opening, maintaining its overall bearish tone intact.
   
• Investors are awaiting the release of the minutes of the Federal Reserve's march policy meetings, due later in the session to gauge the outlook of US central bank’s monetary policy
   
• To the upside, the strong resistance can be seen at 110.75, a break above this level would take the pair all the way towards 111.00 levels.
   
• To the downside immediate support can be seen 110.25, a break below this level will take the pair to next level at 110.10.
  
  Resistance Levels
  
  R1: 110.40 (50% Retracement level)
  
  R2: 110.75 (61.8% Retracement level)
  
  R3: 111.00 (Psychological levels)
  
  Support Levels
  
  S1: 110.25 (Session lows)
  
  S2: 110.10 (38.2% Retracement level)
  
  S3: 109.93 (April 5th lows)