• The USD/JPY pair inched towards 102.30 on Monday as investors sold safe heaven assets like Japanese yen after comments from top Federal Reserve official’s fuelled speculation that U.S. interest rates would rise sooner rather than later, boosting the dollar.
   
• Further downside is expected to be limited as the pair finds strong support at 101.47 which should limit further decline and bring rebound towards higher levels in the short term.
   
• Immediate support can be seen at 101.93, a break below this level will expose the pair towards next support level located at 101.47 levels.
   
• Major resistance can be seen at 103.00, a break above this level will open the gates towards 103.43 levels.
  
  Resistance Levels
  
  R1: 102.52 (23.6% Retracement Level)
  
  R2: 103.00 (Psychological levels)
  
  R3: 103.43 (July 1st high)
  
  Support Levels
  
  S1: 101.93 (38.2% Retracement Level)
  
  S2: 101.47 (50% Retracement Level)
  
  S3:101.00 (61.8% Retracement Level)