• The USD/JPY declined on Thursday as the slump in stock prices in major world markets increased the demand for Japanese yen.
   
• The dollar rebounded against other currencies, except for the yen, following the prior day's losses tied to reduced bets on a pending U.S. interest rate increase following last week's disappointing jobs report.
   
• Further upside is expected to be limited as the pair finds strong resistance at 107.65 which should limit upside and bring a decline towards lower levels. 
   
• To the upside, the immediate resistance can be seen at 107.17, a break above this level would take the pair towards next resistance level at 107.65.
   
• To the downside immediate support can be seen at 106.66, a break below this level will open the door towards next level at 106.06.
  
  Resistance Levels
  
  R1: 107.17 (50% Retracement Level)
  
  R2: 107.65 (61.8% Retracement Level)
  
  R3: 108.00 (Psychological levels)
  
  Support Levels
  
  S1: 106.66 (38.2% Retracement Level)
  
  S2: 106.06 (23.6% Retracement Level)
  
  S3:105.54 (May 1st lows)