• The dollar gained against the safe-haven yen early on Wednesday, boosted by a surge in global stocks amid a recovery in risk appetite
  
  
• Japaneses PM Abe said govt eyeing corporate tax cut, markets now betting on more fiscal steps to boost economy
  
  
• Nikkei up close to 1000 points - equities rallies overseas, however USD/JPY topside limited despite surge in Nikkei
  
  
• USD/JPY is currently trading at 120.35, with next resistance located 120.70 (Daily High Sep 3) and above which it could extend 121 (Psychological Levels)
  
  
• On the downside immediate support might be located at 120.16 (200-HMA) and then at 119.62 (Sept 3 Low) and below that at 119.53 (Hourly Kijun, 50%)
  
  

Resistance Levels:

R1: 120.70 (Daily High Sep 3)

R2: 120.72 (Kijun-Sen)

R3: 121 (Psychological Levels)

Support Levels: 

S1: 120.16 (200-HMA)

S2: 119.62 (Sept 3 Low) 

S3: 119.53 (Hourly Kijun, 50%)