• The USD/JPY pair dipped on Thursday as greenback struggled for direction after minutes from Wednesdays U.S. Federal Reserve meeting suggested that the central bank could take a more cautious approach to interest rate increases. 
   
• Fed policymakers had agreed at the meeting that they should hold off from raising rates until it is clear that a recent U.S. economic slowdown is only temporary, though most said an increase is coming soon.
   
• Further upside in this pair is likely to be limited as the pair finds strong resistance at 108.00 which should limit more upside and bring a decline towards lower levels.
   
• To the upside, the strong resistance can be seen at 109.50, a break above this level would take the pair towards next resistance level at 109.92.
   
• To the downside immediate support can be seen at 109.14, a break below this level will open the door towards next level at 108.80.
  
  Resistance Levels
  
  R1: 111.98 (38.2% Retracement Level)
  
  R2: 112.51 (50% Retracement Level)
  
  R3: 113.00 (61.8% Retracement Level)
  
  Support Levels
  
  S1: 111.30 (23.6% Retracement Level)
  
  S2: 111.00 (Psychological levels)
  
  S3: 110.52 (May 18th lows)