USD/JPY is pressured below the hourly 20 sma on the open in Tokyo today and the price has been pressured there from overnight trade, now penetrating the 112 handle. Markets are looking for safe havens on volatility in stocks and oil, supporting the Yen. The price of oil continues to dominate, for now, in ever changing themes in 2016. For today, oil is consolidated after a sell-off on no production cuts on the table from the Saudi oil minster where the price fell from territory on $33 bbls to recent lows of $31.23 WTI. Attention is otherwise on Kuroda speaking in parliament again, but has not come up with any market moving commentary as yet. Instead, we will look ahead towards US data and Fed speakers. "Fed vice chair Fischer speaks during the Asia session (12:30pm Syd/9:30am Sing/HK) on monetary policy. There will be audience Q&A. US Jan new home sales are expected at -4.4% m/m after rising to near highs back to 2008 in Dec," noted analysts at Westpac. USD/JPY levels Technically, the 11th Feb low is a risk towards 110.50 and the psychological 110.00 level is significant. Meanwhile, the pivot is at 112.88 and RSI on the hourly is in at 37.58 with the price capped by the descending 20 sma on the same time frame at 112.09. S1 is at 112.37, S2 at 111.90 and S3 at 111.36. On the flip side, R1 is at 113.35, R2 is at 113.87 and R3 is located at 114.34. For more information, read our latest forex news.