• The USD/JPY pair slipped towards 108.47 levels during early Asian session, however the pair pulled back some losses in early the US session.
   
• Currently the pair is trading around 108.83 levels, a short dip towards 108.40 levels should be viewed as buying opportunities as the support level at 108.21 is set to hold the bears from falling further below and push the pair towards higher levels in the short term.
   
• Strong support can be seen at 108.47, a break below this level will expose the pair towards next support level located at 108.21 levels.
   
• Major resistance can be seen at 108.92, a break above this level will open the gates towards 109.17 levels.
  
  Resistance Levels
  
  R1: 108.92 (38.2% Retracement Level)
  
  R2: 109.17 (23.6% Retracement Level)
  
  R3: 109.36 (April 28th high)
  
  Support Levels
  
  S1: 108.47 (50% Retracement Level)
  
  S2: 108.21 (61.8% Retracement Level)
  
  S3: 107.86 (April 28th low)