Safe-haven Yen hovers near 15-month high versus the dollar

Pair is well supported below ¥115.00 marks and made intraday low at ¥114.25 levels.

• Oil prices sank over 6% overnight; Yen and Gold turn out to be the safe haven assets for the investment.
   
• In addition, stock prices in Japan also crashed by more than 2%. Japan's benchmark Nikkei 225 index was trading 2.40% lower to 15699.92 points in morning trade.
   
• In data front, Japan released PPI figures with negative numbers at -3.1% vs -3.5% previous release.
   
• Intraday bias remains bearish below the ¥115.26 marks.
   
• A daily close below ¥114.20 is required to confirm the more bearish trend.
   
• Alternatively, reversal from this level may drag the parity above ¥116 marks.
   
• On the downside, major support levels are seen around ¥114.06, ¥113.85 and ¥113.41 levels.
   
• On the other side, resistance levels are seen at ¥115.26, ¥116.78 and ¥117.35 levels.

We prefer to take short position on rallies. Sell USD/JPY around ¥114.50, stop loss ¥115.85 and target ¥113.41 levels.