FXStreet (Bali) - USD/JPY continues to see sharp falls during the Asian session, building up on recent losses and so far sellers are defying last Friday's BOJ negative rate move by bidding the Yen, currently testing the 119.50, with the Nikkei down more than 3% at present. Aversion to risk results on higher Yen Risk off conditions during the last NY session have intensified in Asian trade, and after seeing the SP500 dip -1.87% and the 30-year US bonds in heavy demand on Tuesday, with Oil breaking back below $30, those trend have now accelerated, sending the SP500 futures down more than 0.5%, Oil testing $29.50, with 30-year US bond spiking towards 164.00 points at the moment. USD/JPY key levels In terms of next areas of support, a decent area of confluence is 119.50, currently being tested, as the mid-round number converges with the daily S1 level. Below this level, 119.00 comes into focus, an area that should see plenty of buying interest as that is where demand originated from during BOJ negative rate decision. On the topside, 120.00 is the first area to re-take should bulls expect teh uptrend to resume For more information, read our latest forex news.