FxWirePro: USD/JPY neutral in the near-term, scope for downward resumption

• USD/JPY declined on Wednesday as the dollar slipped after Federal Reserve minutes showed policymakers increasing wary over soft inflation that could delay the timing for another U.S. rate hike this year.
   
• The dollar stepped back to 109.84 yen, down 0.3 percent in the early U.S. session, down more than a full yen from Wednesday's high of 110.95.
   
• Further upside for this pair is expected to be limited as strong resistance level at 110.60 is set to limit upside and bring decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 110.24, a break above this level would take the pair towards next resistance level at 110.60.
   
• To the downside immediate support can be seen at 109.90, a break below this level will open the gates towards next level at 109.47.
  
  Resistance Levels
  
  R1: 110.24 (50% Retracement level)
  
  R2: 110.60 (61.8% Retracement level)
  
  R3: 110.95 (Aug 16th high)
  
  Support Levels
  
  S1: 109.90 (38.2% Retracement level)
  
  S2: 109.47 (23.6% Retracement level)
  
  S3: 109.00 (Psychological levels)

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