• USD/JPY has slipped sharply to hit hitting session low at 121.29 and is approaching to test support level located at 121.00.
   
• The Japanese yen was favored on Friday as global stocks declined and disappointing US inflation figures , fueled concerns over the next rate by Federal Reserve.
   
• However, further decline is set to limited as the strong support at 108.00 is set to hold the bears from declining further below.
   
• Strong support can be seen at 108.00, a break below this level will expose the pair to next support level at 107.70 levels.
   
• Major resistance can be seen at 108.95 a break above this level will open the door towards 109.26.
  
  Resistance Levels
  
  R1: 108.95 (38.2% Retracement Level)
  
  R2: 109.26 (23.6% Retracement Level)
  
  R3: 109.80(23.6% Retracement Level)
  
  Support Levels
  
  S1: 108.70 (50 % Retracement Level)
  
  S2: 108.44 (61.8 % Retracement Level)
  
  S3: 108.00 (Psychological levels)