USD/JPY rallied overnight and in early European session on the back of better risk sentiment and surging Nikkei. The most widely followed Japanese stock index rose 7.71% (1343 points) to 18771, which is the biggest one day gain since 2008.

The pair is up 100 pips from yesterday's US session low and was up nearly 200 pips from the weekly opening level. 120.70 - 121.00 is the immediate resistance (September 3th high, 200 DMA, Monthly Pivot Point, Weekly Resistance 1, Daily Resistance 2, 00's) before 121.60 - 122.00 (Previous Week High, August 28th high, Daily Resistance 3, 00's). Some support is expected in 120.00 - 120.25 band.

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