Scope for upside test of 125.38 (50% Fib retrace of 128.221 to 122.539 fall) and further bullishness could see 126 levels (61.8% Fib retrace of 128.221 to 122.539 fall).
Stochs on are at oversold levels and downside momentum on is fading.
Bank of Japan will hold its two day meeting on 27-28 April. The BoJ's 9-member policy board is expected to decide policy rate and update forecasts and growth figures.
According to recent Reuters poll, out of 16 analysts 8 said that the BOJ will take easing steps at 27-28 April meeting. JGBs gained on Friday amid weak industrial production and expectation of further policy easing from BoJ.
The yield on the benchmark 10-year, moved down 17.86 pct to -0.099 pct and 30-year bonds yield dipped 0.99 pct to 0.398 pct by 0745 GMT .
Good to go long at dips around 123 levels, SL: 121.90, TP: 124/124.70/125.30