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2016.04.2615:02:00UTC+00Fxwirepro: Usd/jpy Neutral in the Near-Term, Scope for Upward Resumption

The USD/JPY pair initially declined on Tuesday, after data release from US showed durable goods orders in March weakened, however the pair rebounded back on expectation that Bank of Japan will increase its stimulus measures in the upcoming session.
The Japanese yen attracted selling interest as markets is expecting actions from BoJ creating anxiety among investors.

Further downside is expected to be limited as the pair finds strong support at 110.80 which should limit decline and bring a rebound towards higher levels.
To the upside, the strong resistance can be seen at 111.93, a break above this level would take the pair towards next resistance level at 112.48.
To the downside immediate support can be seen at 111.12, a break below this level will open the door towards next level at 110.80.

Resistance Levels

R1: 111.46 (38.2% Retracement Level)

R2: 111.93 (23.6% Retracement Level)

R3: 112.48 (April 1st high)

Support Levels

S1: 111.12 (50% Retracement Level)

S2: 110.80 (61.8% Retracement Level)

S3: 110.26 (April 22nd)

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