FXstreet.com (Barcelona) - With Nikkei index opening today below the 10800 points mark losing -1% and Yen strengthening the most among majors in last 2 trading days, USD/JPY is seeing some heavy selling at the moment, last at fresh session lows around the 88.44 level, down from initial price for the session and highs at the same time, around the 88.83 level.

Last at 10752, Nikkei is down -1.12%, while USD is having some hard time across the board, and Gold near 3-week highs last at $1683. Yesterday's comments from new Japan's Fin Min Amari saying Yen is already at levels “in line with fundamentals” triggered a round of heavy selling in the USD/JPY. The reaction to the downside has been dramatic so far, being the speculative side of the market the one short the Yen, which means they are just taking profits from this long run higher.

Immediate support to the downside for USD/JPY lies at recent session/NY's lows 88.40, followed by yesterday's lows at 88.28, and Jan 08 highs at 87.81. To the upside, nearest term resistance shows at yesterday's Asia-Pacific session lows 88.60, followed by recent session highs at 88.89, and Monday's lows at 89.06.