• USD/JPY rose on Friday as dollar regained its footing after the U.S. central bank raised interest rates said it was prepared to continue tightening monetary policy.
   
• As widely expected, the Fed raised interest rates a quarter percentage point to a target range of 1.0-1.25 percent on Wednesday but it also gave its first clear outline on its plan to reduce its $4.2-trillion bond portfolio.
   
• The dollar index, which tracks the U.S. currency against six major peers, rose to 97.557, its highest since May 30.While, the greenback rose to a six-day high against the Japanese yen of 110.64 yen.
   
• The ongoing upside is set to continue for this pair as the support level at 109.72 is likely to act as strong barrier to the bears and push the pair towards higher side.
   
• To the upside, the strong resistance can be seen at 116.96, a break above this level would take the pair towards next resistance level at 117.36.
   
• To the downside immediate support can be seen at 116.16, a break below this level will open the door towards next level at 115.72.
  
  Resistance Levels
  
  R1: 110.82 (38.2% Retracement Level)
  
  R2: 111.18 (April 25th high)
  
  R3: 111.51 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 110.29 (50% Retracement Level)
  
  S2: 109.72 (61.8% Retracement Level)
  
  S3: 109.10 (June 7th lows)