USD/JPY slammed to one-month low close to 100.00 handle

The US Dollar remained under intense selling pressure on Tuesday, with the USD/JPY pair turning sharply lower to hit a one-month low of 100.25 and move within striking distance of the very important 100.00 psychological mark. 

The ongoing slide came without any fundamental news trigger, but is speculated to have been aggravated by stop-loss orders. Moreover, weakness in Asian equity markets, with Japan's Nikkei 225 falling around 1.0%, also seems to drive investors towards the traditional safety of the Japanese Yen. 

Against the backdrop of recent downbeat US economic data, the US Dollar has been weighed down on fading expectations of an eventual Fed rate-hike in 2016. Hence, today's US economic data that includes - CPI, housing starts and industrial production, will be in focus ahead of Wednesday's FOMC meeting minutes, which would provide a clear direction for the greenback's near-term movement. 

Technical levels to watch

On the immediate downside, 100.00 psychological mark remains immediate support to defend, which if broken decisively should open room for retest of Brexit-led swing lows support near 99.00 round figure mark. Meanwhile on the upside, recovery momentum above 100.50 level now seems to confront strong resistance near 101.20-25 area, above which the pair is likely to extend its bounce back towards its next major resistance near 102.00 round figure mark.