Overview:В 
USD/JPY is expected to trade higher. It is supported by positive dollar sentiment (ICE US Index last 80.55 versus 80.64 early Monday), flows to haven yen and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge surged 9.39% to 13.28, S&P tumbled 1.26% overnight) as Friday's unusually weak U.S. December non-farm payrolls report continue to impact markets. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year hit 2.8190%, its lowest since Dec. 11) and Japan exporter sales. But USD/JPY losses are tempered by demands from the Japan importers and ultra-loose Bank of Japan's monetary policy. В 

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below from the 15-day MA and is declining.В 

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 104.7 and the second target at 105.05 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 103.8.A breach of this target will move the pair further downwards and one may expect the second target at 103.5. The pivot point stands at 104.05.

Resistance levels:В 
104.7
105.05
105.45

Support levels:В 
103.8
103.5
103.15