FXStreet (Bali) - USD/JPY remains under heavy pressure, with the selling resuming as Tokyo players return from their lunch break, with the spot last trading at a new 2 1/2 month low of 119.50 after a brief consolidation between 119.65-85. Option markets points at lower levels As noted earlier, with the decisive break of 120.00 round number, and judging by the positioning in the options market, which suggests a very slippy outlook for the pair below 120.00 (option players are rushing to hedge their positions by selling the spot, which only fuels the downward momentum). If one takes a look at the pricing of calls/puts by option makers, the premium being paid for Yen calls remains significantly higher as well, reinforcing the case for the market to remain heavy in January. USD/JPY key levels Looking at key levels for today, having broken the 150% projection of the 120.65-120 box at 119.68, the next target for bears resides around 119.38/40 (200% projection), followed by the next round number at 119.00. On the upside, the critical level to bare in mind is 120.00 ahead of 120.20 and 120.45/50 (highest of today's Asian session). For more information, read our latest forex news.