• The USD/JPY declined on Tuesday as US stocks declined and increased risk sentiment in the market attracted safe heaven assets.
  
  
• However, further decline is expected to be limited as the pair finds strong support at 113.79 which should limit downside and bring a rebound back towards higher levels.
  
  
• Technically the RSI in the 4 hour chart is indicating slightly downwards at 48, meanwhile the 55, 30 and 20 MA's are flat.
  
  
• To the upside, the strong resistance can be seen at 114.52, a break above this level would take the pair towards next resistance level at 114.84.
  
  
• To the downside immediate support can be seen at 113.32,a break below this level will open the door towards next level at 112.38.
  
  Recommendation: Go long around 113.30, targets 113.80, 114.50, SL 112.00.
  
  Resistance Level
  
  R1: 114.12 (50% Retracement Level)
  
  R2: 114.52 (Feb 17th)
  
  R3: 114.84 (61.8% Retracement Level)
  
  Support Level
  
  S1: 113.32 (38.2% Retracement Level)
  
  S2: 112.38 (Daily lows)
  
  S3:111.65 (Feb 2nd lows)