• USD/JPY declined on Monday as political uncertainty created by U.S. President Donald Trump's move to ban people from seven Muslim-majority countries, and elections in Europe, increased demand for safe-haven Japanese yen.
   
• Trump's administration tempered a key element of his immigration ban, but the move reinforced growing worries about investing in the United States.
   
• However, further downside in this pair is expected to be limited as strong support at 112.44 is set to limit further decline and bring rebound back to higher levels in the short term.
   
• To the upside, the immediate resistance can be seen at 114.13, a break above this level would take the pair towards next resistance level at 114.93.
   
• To the downside, immediate support can be seen at 113.27, a break below this level will open the door towards next level at 112.44.
  
  Resistance Levels
  
  R1: 114.13 (38.2% Retracement Level)
  
  R2: 114.93 (Daily high)
  
  R3: 115.38 (Jan 27th high)
  
  Support Levels
  
  S1: 113.27 (50% Retracement Level)
  
  S2: 112.44 (61.8% Retracement Level)
  
  S3:112.00 (Psychological levels)