USD/JPY selling off below 102.30 as Nikkei nears the close at lows down -4.46%

FXstreet.com (Barcelona) - Following a fresh 5.5-year high in Nikkei at almost the 16k handle, and up +1.75% for the day by early Tokyo trade by then, the index suddenly reversed to the downside on worst China HSBC PMI data coming out in 6 months. Panic selling added to profits taking in equities pushed the Yen higher, making USD/JPY to sell-off to fresh session lows at 102.45.

Last at 102.55, the pair is down -0.63% for the week at the time Nikkei index is down -4.46% for the session, more than 1000 points below mentioned record highs. USD/JPY also posted fresh 4.5-year highs following Fed Bernanke's comment's yesterday at 103.74, now more than 100 pips above current quote.

Immediate support to the downside for USD/JPY lies at Tuesday's NY session lows 102.25, followed by Tuesday's Asian session lows at 102.07, and Monday's weekly lows at 101.90. To the upside, closest resistance shows at yesterday's NY session lows 102.73, followed by Tuesday's highs at 102.87, and recent session highs at 103.58.