Possible Scenarios: A break above the potential pivot point of 120.800 may lead to 121.150 or even higher at the recent highs of 121.470.
On the other hand, a break below the first potential support of 120.550 might clear the way for the major potential support of 120.175 – 120.000 (61.8% Fibonacci retracement.

Comments: Dollar-Yen fell during the early European trading hours following BoJ’s president Kuroda speech, in which he mentioned that the delay in achieving the 2% CPI target is attributed due to low commodity prices. Furthermore, kept its monetary policy unchanged boosting the Yen against its major counterparts.