USD/JPY testing 102.50 as Nikkei 225 sells-off

FXstreet.com (Bali) - USD/JPY is strengthening in Asia, coming off 102.90 resistance to currently test bids at 102.50. A sharp slide in the Nikkei 225 post lunch has been the catalyst causing the quick retreat off highs.

There was some news hitting the wires a few minutes ago, with Japan fund managers reportedly cutting stocks to 45% in Jan from 45.3% in Jan and raising bond allocations to 47.8% from 47.3%in December, according to a Reuters poll, in which eight Japan-based fund managers were surveyed.