USD/JPY sold-off at 101, drops sharply to 100.30

Risk conditions appear to deteriorate somewhat in mid-Asia, which boosts the safe-haven bids for the yen and sends USD/JPY sharply lower towards the mid-point of 100 handle.

USD/JPY eyes Wednesday’s lows

The dollar-yen par is seen pushing lower once again in the Asian trades, extending its losing streak for the fifth straight session amid broad based US dollar weakness and worsening risk sentiment. At the time of writing, USD/JPY drops -0.44% to 100.32, testing session lows reached at 100.29 last minutes.

The selling pressure behind the major accentuated after the Japanese stocks fell further into losses and triggered fresh risk-aversion wave across the board, while nervousness prevails ahead of the US payrolls data. The benchmark Nikkei 22 index slumps nearly 1% to 15,120 levels.

Markets continue to track the broader market sentiment ahead of the US employment data for fresh momentum on the major.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 100.87/97 (Daily pivot & high). A break above the last, the major could test 101.34 (5-DMA). While to the downside, the immediate support is seen at 100.18 (Wednesday’s low) and below that at 99.84 (Daily S3).