• The USD/JPY pair declined to hit low at 112.36 levels during mid-European session, however the pair pulled back some losses after the release of jobless claims data from US market.
   
• The pair hit fresh 17 -month low on Thursday on expectation that Federal Reserve will exercise caution in proceeding with further rate hike.
   
• Currently the pair is trading around 108.08. levels, it is set to falling further lower towards 107.50 levels in the short term on safe heaven bids.
   
• Strong support can be seen at 107.97, a break below this level will expose the pair towards next support level located at 107.68 levels.
   
• Major resistance can be seen at 109.18, a break above this level will open the gates towards 109.93 levels.
  
  Resistance Levels
  
  R1: 109.93 (April 7th high)
  
  R2: 109.18 (61.8% Retracement Level)
  
  R3: 108.36 (50% Retracement Level)
  
  Support Levels
  
  S1: 107.97 (Daily lows)
  
  S2: 107.68 (38.2% Retracement Level)
  
  S2: 107.00 (Psychological levels)