• USD/JPY pair has recovered some ground to trade around 103.32 levels, having declined down earlier towards 103.12 during in the early European session.
   
• The pair is currently trading a few pips above its daily lows, maintaining its overall bullish tone intact.
   
• The pair is all set to move in quick succession towards 104.00 levels in the near term, as dollar is set to strengthen against Japanese yen in the short term.
   
• To the upside, the strong resistance can be seen at 104.30, a break above this level would take the pair all the way towards 104.85 levels.
   
• To the downside, immediate support can be seen 103.00, a break below this level will take the pair to next level at 102.18.
  
  Resistance Levels
  
  R1: 103.80 (38.2% Retracement level)
  
  R2: 104.30 (Sep 2nd high)
  
  R3: 104.85 (23.6% Retracement level)
  
  Support Levels
  
  S1: 103.00 (50% Retracement level)
  
  S2: 102.18 (61.8% Retracement level)
  
  S3: 101.70 (Aug 30th lows)