FXStreet (Mumbai) - The USD/JPY fell further to 120.51 levels after Kuroda assured the economy is on track to achieve its 2% inflation target. Rejected at 50% Fibo The spot failed to take out 120.97 (50% of 125.856-116.082) and fell towards 120.50 levels. Kuroda’s comments once again indicated that the central bank is unlikely to come out with an expansion of its QQE any time soon. Consequently, the bid tone on the JPY improved further. The Japanese equity index Nikkei also dropped 0.50% and supported the Yen. With no major data due for the rest of the day, the volumes may dry up. USD/JPY Technical Levels The immediate support is seen at 120.34 (Dec 14 low), under which the pair could target 119.82 (38.2% of 125.856-116.082). On the other hand, a break above 120.97 (50% of 1285.856-116.082) would expose 200-DMA at 121.59 levels. For more information, read our latest forex news.