• The dollar extended gains against the yen on Friday on increased prospects of more easing by the Bank of Japan
  
  
• The Yen is facing fundamental headwinds in respect to Global deflationary pressures and the BoJ's easing policy as well
  
  
• USD/JPY opened today at 120.60 and reached the day's highs at 120.97, stalling just ahead of 121 handle
  
  
• USD690 mln 121.00-05 option expiries help cap, some more expiries above. Mostly just above expiring 120.70-75 option, USD548 mln, 120.50 700 mln too
  
  
• USD/JPY is currently trading at 120.79, with immediate resistance at 121.00 and support on the downside at 119.98 (Session Low Sep 10)
  
  

Resistance Levels:

R1: 121.00 

R2: 121.38 (Session High Sep 10)

R3: 121.74 (Daily High Aug 31)

Support Levels:

S1: 119.98 (Session Low Sep 10)

S2: 119.82 (Daily Low Sep 9)

S3: 118.86 (Daily Low Sep 8)