• USD/JPY rose on Monday as dollar rallied on news Hillary Clinton would not face criminal charges related to her use of a private email server, boosting her chances of winning the U.S. presidential election.
   
• Also helping the dollar were expectations that the U.S. Federal Reserve will raise rates in December, a view reinforced by strong jobs growth in the United States.
   
• Further downside is expected to be limited as the pair finds strong support at 103.66 which should limit further decline and bring rebound towards higher levels in the short term.
   
• To the upside, the strong resistance can be seen at 104.80, a break above this level would take the pair towards next resistance level at 105.00.
   
• To the downside immediate support can be seen at 104.00, a break below this level will open the door towards next level at 103.66.
  
  Resistance Levels
  
  R1: 104.37 (38.2% Retracement Level)
  
  R2: 104.80 (23.6% Retracement Level)
  
  R3: 105.00  (Psychological levels)
  
  Support Levels
  
  S1: 104.00 (50% Retracement Level)
  
  S2: 103.66 (61.8% Retracement Level)
  
  S3: 103.13  (Oct 19th lows)