USD/JPY and EUR/JPY looked to be rather complacent to fresh stock market weakness this afternoon. This may no longer be the case with both pairs heading lower. USD/JPY is down at fresh lows of the session at 109.45/50 and EUR/JPY has traded down to as low as the 162.25/30 level. The Nikkei is currently down 308.36 points or 2.03% at 14,903.16.
USD/JPY does continue to see Japanese importer buying interest with bids seen trailing down to 109.00 and especially heavy between 109.05-15. Option players are also likely buyers ahead of barriers at 109.00. Stops below this level are seen to be large however and could provide a target for specs when European trading gets under way. EUR/JPY sees next support around 162.00 and then at 161.81, where the gradually ascending 200-day moving average comes in.
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