13 Feb 2015
USD/JPY: Sharp decline in Tokyo afternoon, 118.35/40 support eyed
FXStreet (Bali) - USD/JPY has accelerated its losses in the Tokyo afternoon, currently approaching key support at 118.30/25 after a sharp descend from 119.00.
There is a large option expiry from 118.50, which should see solid bids re-emerge soon given sharp selling seen. Nikkei 225 is currently down almost 0.50% ahead of the weekend.
Jim Langlands, Founder at FXCharts, notes: "On the downside, support will arrive nearby at 118.42 (61.8% of 117.17/120.46) and then at the 200 HMA at 118.35. A break of this will see a move to the daily Kijun (118.15) and then to 118.00."
There is a large option expiry from 118.50, which should see solid bids re-emerge soon given sharp selling seen. Nikkei 225 is currently down almost 0.50% ahead of the weekend.
Jim Langlands, Founder at FXCharts, notes: "On the downside, support will arrive nearby at 118.42 (61.8% of 117.17/120.46) and then at the 200 HMA at 118.35. A break of this will see a move to the daily Kijun (118.15) and then to 118.00."