* USD/JPY carved out yet another 20-month high of 121.97. The pair got a lift just prior to the start of the U.S. session from a JiJi newswire story claiming the Bank of Japan (BOJ) policy board might adopt quantitative indicators "as a means of a further credit easing and adding liquidity. Jiji quoted a "senior BOJ official" saying the idea concerns so-called "reserve targeting" under which the BOJ would target the deposit balance at the bank's current accounts.
BOJ Governor Masaru Hayami said the central bank will discuss its options carefully and make "appropriate" judgments when the policy board meets on Monday. Some players took his words as a hint that the policy board would discuss further monetary easing. Demand for the pair came from Japanese players among others. Eyes are on the 122.50 Gann 50-point pivot.
The outlook is bullish.

Support: 121.05 (Gann 50-point pivot; targets: 120.55/121.55), 120.52 (overnight low), 119.65 (Gann 50-point pivot; targets: 119.15/120.15), 119.00 (38.2% Fibonacci retracement level of the August 1998-December 1999 downtrend), 118.25 (Gann 50-point pivot; targets: 117.75/118.75), 117.84 (20-day moving average), 116.85 (Gann 50-point pivot; targets: 116.35/117.35), 115.50 (Gann + 50-point pivot; targets: 115.00/116.00), 116.64 (60-day moving average).
Resistance: 121.97 (overnight high), 122.50 (Gann 50-point pivot; targets: 122.00/123.00), 122.77 (July 8, 1999, peak), 124.00 (Gann 50-point pivot; targets: 123.50/124.50), 124.75 (May 29, 1999, peak).