• USD/JPY declined on Wednesday as investors awaited the outcome of the U.S. Federal Reserve's meeting.
   
• The Fed is widely tipped to lift rates 25 basis points to 0.50-0.75 percent. The announcement is due at 2 p.m. ET (1900 GMT), followed by Chair Janet Yellen's news conference 30 minutes later.
   
• U.S. retail sales barely rose in November, suggesting some loss of momentum in economic growth in the fourth quarter, while U.S. industrial production fell more than expected.
   
• The pair is set to reach 114.80 and later towards 114.00 in the short term as the US dollar is set to weaken further against its Japanese counterpart in the short term.
   
• To the upside, the strong resistance can be seen at 116.31, a break above this level would take the pair towards next resistance level at 117.00.
   
• To the downside immediate support can be seen at 114.86, a break below this level will open the gates towards next level at 114.21.
  
  Resistance Levels
  
  R1: 115.49 (38.2% Retracement level)
  
  R2: 116.31 (23.6% Retracement level)
  
  R3: 117.00 (Psychological levels)
  
  Support Levels
  
  S1: 114.86 (50 % Retracement level)
  
  S2: 114.21 (61.8 % Retracement level)
  
  S3: 113.77 (Dec 1st lows)