USD/JPY bottomed out at an 8-day low of 121.55 in Asia on selling attributed to a U.S. investment bank in Tokyo. The pair climbed back into positive territory on talk of bids in defense of a 121.50 option play. Resistance comes at 122.50 from the Gann 50-point pivot that targets 122.00 and 123.00.
The outlook is slightly bullish.

Support: 121.55 (overnight low), 121.05 (Gann 50-point pivot; targets: 120.55/121.55), 120.95 (April 19 low), 120. (60-day moving average), 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).

Resistance: 122.22 (overnight high), 122.50 (Gann 50-point pivot; targets: 122.00/123.00), 123.16 (20-day moving average), 124.00 (Gann 50-point pivot; targets: 123.50/124.50), 124.35 (April 27 peak).