• USD/JPY declined on Friday as the dollar plumbed to fresh five-week lows after the U.S. central bank's signal of a slower pace of rate increases this year disappointed dollar bulls.
   
• The Fed raised U.S. rates on Wednesday, as expected, but left its earlier forecast of three rate increases this year unchanged, disappointing some investors who had hoped for hints of a possible fourth hike in 2017.
   
• Further upside in this pair is set to be limited as resistance at 114.24 is likely to hold the bulls from advancing further above and push the pair further towards lower side.
   
• To the upside, immediate resistance can be seen at 113.42, a break above this level would take the pair towards next resistance level at 114.24.
   
• To the downside immediate support can be seen at 112.63, a break below this level will open the door towards next level at 112.00.
  
  Resistance Levels
  
  R1: 113.42 (50% Retracement Level)
  
  R2: 114.24 (61.8% Retracement Level)
  
  R3: 114.89 (March 15th high)
  
  Support Levels
  
  S1: 112.63 (38.2% Retracement Level)
  
  S2: 112.00 (Psychological levels)
  
  S3: 111.64 (23.6% Retracement Level)