USD JPY turns to downside
9/30/2016 1:11:08 PM
A fresh bout of USD selling looks to have arisen in the past few hours of trading, with the USD/JPY pair turning sharply lower to fell back below 101.00 handle.
Currently trading at a fresh session low near 100.80 level, the pair firstly increased to 101.60, profiting from talks of BOJ intervention and Thursday's better than anticipated upward revision of US GDP growth for Q2 2016.
The pair, though, came under fresh selling pressure among common risk-off trade in equity markets, on renewed concerns over Deutsche Bank's performance that is weighing on investor sentiment and improving the safe-haven request of the JPY.
From current levels, immediate downside support is seen at 100.60 region below which the pair is expected to expand its weakness back towards 100.30 horizontal support. In the meantime on the upside, 101.00 handle now becomes immediate barrier, which if cleared seems to help the pair towards 101.20 before the pair finally make a dart back towards session high persistence near 101.60 region.