• The USD/JPY pair declined on Monday, as sluggish U.S. retail sales data on Friday lowered expectations of a near-term interest rate hike by the Federal Reserve. 
   
• Further upside is expected to be limited as the pair finds strong resistance at 101.67 which should limit more upside and bring a decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 101.16, a break above this level would take the pair towards next resistance level at 101.67.
   
• To the downside immediate support can be seen at 100.58, a break below this level will open the door towards next level at 99.94.
  
  Resistance Levels
  
  R1: 101.16 (50% Retracement Level)
  
  R2: 101.67 (61.8% Retracement Level)
  
  R3: 102.34 (Aug 12th high)
  
  Support Levels
  
  S1: 100.58 (38.2% Retracement Level)
  
  S2: 99.94 (23.6% Retracement Level)
  
  S3: 99.00 (Psychological levels)