USD/JPY: Downside opening up towards 50-DMA

The selling pressure behind the USD/JPY picked-up pace last hour, knocking-off the rate to fresh two-day lows of 115.20, before recovering some ground to now trade around 115.35 levels, still down -0.56% on the day.

A sharp sell-off in the US dollar against its six major peers brought the bears back in action and dragged USD/JPY a big figure lower. The greenback continues to remain on the offers across the board from the last US session, as comments from Fed official Rosengren continue to weigh on the buck. While renewed weakness in the Japanese stocks amid risk-off moods, in wake of poor China CPI data, further exacerbated the pain in the major.

Next of note for the major remains the US JOLTS opening data, which will wrap a relatively dry economic calendar for today.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 115.50 (daily S1). A break above the last, the major could test 116.17 (5-DMA) and 116.51 (daily pivot) beyond the last. While to the downside, the immediate support is seen at 115 (round figure) next at 114.80 (50-DMA) and below that at 114.50 (psychological levels).