• The USD/JPY pair inched higher on Wednesday, as gains in global stocks and increased appetite for riskier assets put the Japanese yen under pressure. 
   
• Further downside is expected to be limited as the pair finds strong support at 108.00 which should limit the slipping below and bring a decline towards higher levels.
   
• To the upside, the strong resistance can be seen at 109.50, a break above this level would take the pair towards next resistance level at 109.92.
   
• To the downside immediate support can be seen at 109.14, a break below this level will open the door towards next level at 108.80.
  
  
  Resistance Levels
  
  R1: 109.50 (38.2% Retracement Level)
  
  R2: 109.92 (23.6% Retracement Level)
  
  R3: 110.62 (April 6th high)
  
  Support Levels
  
  S1: 109.14 (50% Retracement Level)
  
  S2: 108.80 (61.8% Retracement Level)
  
  S3:108.00 (Psychological levels)