USD/JPY turns sharply lower, back below 101.00 mark

A fresh bout of US Dollar selling seems to have emerged in the past few hours of trading, with the USD/JPY pair turning sharply lower to drop back below 101.00 handle.

Currently trading at a fresh session low near 100.80 level, the pair initially rose to 101.59, benefitting from talks of BOJ intervention and Thursday's better-than-expected upward revision of US GDP growth for Q2 2016.

The pair, however, came under fresh selling pressure amid prevalent risk-off trade in equity markets, on renewed concerns over Deutsche Bank's performance that is weighing on investor sentiment and boosting the safe-haven appeal of the Japanese Yen. 

On the economic data front, traders on Friday will confront the release of Fed's preferred inflation gauge, Core PCE Price Index, personal spending data, Chicago PMI and revised UoM consumer sentiment, later during NY trading session and will be looked upon for some respite for the greenback.

Technical levels to watch

From current levels, immediate downside support is seen at 100.75-65 region below which the pair is likely to extend its weakness back towards 100.30 horizontal support. Meanwhile on the upside, 101.00 handle now becomes immediate barrier, which if cleared seems to assist the pair towards 101.20 before the pair eventually make a dart back towards session high resistance near 101.60 region.