• USD/JPY rose on Thursday as traders awaited a widely watched U.S. employment report due on Friday for clues over when US interest rates will rise.
   
• A stretch of strong U.S. economic data, the latest a report on Wednesday showed services activity at an 11-month high, have boosted expectations that the Federal Reserve will act soon, denting demand for safe-haven assets like Japanese yen.
   
• Further downside is expected to be limited as the pair finds strong support at 103.37 should limit further decline and bring rebound towards higher levels in the short term.
   
• To the upside, the strong resistance can be seen at 104.24, a break above this level would take the pair towards next resistance level at 104.80.
   
• To the downside immediate support can be seen at 103.80, a break below this level will open the door towards next level at 103.37.
  
  Resistance Levels
  
  R1: 104.00 (Session high)
  
  R2: 104.24 (38.2% Retracement Level)
  
  R3: 104.80 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 103.80 (50% Retracement Level)
  
  S2: 103.37 (61.8% Retracement Level)
  
  S3: 103.00 (Psychological levels)