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Forex: USD/JPY slumps to 10-day low

The USD/JPY has continued to lose ground during the American afternoon, dragged lower by the Sharp fall seen in EUR/JPY weighed by the possibility of a hung parliament in Italian elections.

USD/JPY has lost over 180 pips within the last hours, breaking below last week's lows and hitting its weakest since Feb 15 at 92.32. The pair however found buyers at that level and bounced to currently trade around 92.50, where it is still down 1.0% on the day and having filled the weekly opening gap.

On the downside, next supports are seen at 92.32 (intraday low), 92.21 (Feb 15 low) and 92.00 (psychological level). On the upside, resistances could be found at 93.00 (psychological level/20-day SMA), 93.50 (100-hour SMA) and 93.85 (Feb 21 high).

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The EUR/JPY is falling hard on Monday following the Italian uncertainty in the elections results. A hung parliament is a fear not only in Italy but across the Eurozone and it has launched the pair toward levels not seen since in a month.
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