• The USD/JPY inched higher on Monday as US dollar bounced back from last week losses as investors shook off dovish statement from Federal Reserve.
   
• However, further upside is expected to be limited as the pair finds strong resistence at 113.79 which should limit upside and bring a rebound back towards higher levels.
   
• Technically the RSI in the 4 hour chart is indicating slightly downwards at 45, meanwhile the 55, 30 and 20 MA's are pointing towards downside.
   
• To the upside, the strong resistance can be seen at 114.00, 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 111.32,a break below this level will open the door towards next level at 110.55.
  
  
  Resistance Levels
  
  R1: 112.82 (61.8% Retracement Level)
  
  R2: 114.00 (Psychological Levels)
  
  R3: 114.59(March 9th high)
  
  Support Levels
  
  S1: 111.32 (50% Retracement Level)
  
  S2: 110.55 (Daily lows)
  
  S3:109.79 (38.2% Retracement Level)