• The USD/JPY declined on sharply on Thursday after bank of japan opted out of further moves to ease policy and also adding to the mix was the lack of clarity from Federal Reserve on further rate hike.
   
• Further upside is expected to be limited as the pair finds strong resistance at 108.43 which should limit upside and bring a decline towards lower levels.
   
• To the upside, the strong resistance can be seen at 108.43, a break above this level would take the pair towards next resistance level at 109.24.
   
• To the downside immediate support can be seen at 107.90, a break below this level will open the door towards next level at 107.60.
  
  
  Resistance Levels
  
  R1: 108.43 (50% Retracement Level)
  
  R2: 109.24 (61.8% Retracement Level)
  
  R3: 109.76 (April 20th high)
  
  Support Levels
  
  S1: 107.90 (Daily lows)
  
  S2: 107.60 (38.2% Retracement Level)
  
  S3: 107.00 (Psychological levels)