• The USD/JPY pair rallied initially to test resistance level at 118.34 in the early US  session. However, after failing to break resistance level at 118.34, the pair has slipped back towards 117.84 levels. 
  
  
• The pair remains under bulls control unless until it trades above 117.50 support level, therefore it is good to buy this pair around 117.60 levels.
  
  
• To the upside, the strong resistance can be seen at 118.34, a break above this level would take the pair all the way towards 118.86 levels.
  
  
• To the downside immediate support can be seen 117.51, a break below this level will take the pair to next level at 117.18.
  
  Recommendation: Go long around 117.60, targets 118.30, 118.80, SL 117.00
  
  Resistance Levels
  
  R1: 117.97 (50% Retracement level)
  
  R2: 118.34 (38.2% Retracement level)
  
  R3: 118.86 (23.6% Retracement level)
  
  Support Levels
  
  S: 117.51 (61.8% Retracement level)
  
  S2: 117.18 (Jan 12th lows)
  
  S3: 116.64 (Jan 11th lows)