• USD/JPY rose on Monday as traders widely anticipate that Federal Reserve will raise interest rate on Wednesday.
   
• Friday's strong U.S. employment report has solidified the view  that the Federal Reserve will increase interest rates when its policy makers meet this week.
   
• With a rate hike widely expected, market watchers will also be looking for signals about the pace of future rate increases.
   
• The currency pair is trading at 114.78, it is set to advance towards 115.50 and later towards 116.00 levels in the short term.
   
• To the upside, the strong resistance can be seen at 115.47, a break above this level would take the pair towards next resistance level at 116.00.
   
• To the downside immediate support can be seen at 114.77, a break below this level will open the door towards next level at 114.12.
  
  Resistance Levels
  
  R1: 115.47 (38.2% Retracement Level)
  
  R2: 116.00 (Psychological levels)
  
  R3: 116.40 (Jan 10th high)
  
  Support Levels
  
  S1: 114.77 (38.2% Retracement Level)
  
  S2: 114.12 (50% Retracement Level)
  
  S3: 113.52 (61.8% Retracement Level)