USD/JPY saw an aggressive selling wave in the last minutes, as the risk-off sentiment intensified, with the bears quickly eroded over 150-pips.
The spot collapsed to the lowest levels seen since November 2016 at 101.62, acelerating the declines from near 103.40 region.
At the press time, the pair has quickly bounced back above the 102 handle but the further upside remains elusive amid a 5% drop in S&P 500 futures, the slump in oil prices and almost 6% slide in the Japanese equities. Rest of Asia also remains in a sea of red.
Just as the USD/JPY pair crashed, a fresh selling wave gripped the fx board amid broad US dollar slump, with AUD/USD smashed to a new 11-year low of 0.6320, the Kiwi almost tested 0.6000 while EUR/USD broke past the 1.14 handle. Meanwhile, USD/CAD saw a momentary spike above 1.3750.
The relentless rise in the coronavirus cases across the globe kills the appetite for the risk assets, as gold holds fort above $1700.
USD/JPY Technical levels to watch
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