USD/JPY is at the lowest levels since Dec 31 at 119.47 — down 100 pips on the day.
The latest wave of selling comes with stocks under heavy pressure, led by oil companies. The next layer of support is the 21-day moving average at 119.45 followed by the Dec 31 low of 119.25. Bids are said to lurk at 119.20 and a 119.00 option has just rolled offer. There is aid to be more demand at 119.00 as well.
