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118.30 strong support for USD/JPY, weakness only on breaks below

FX:USDJPY   U.S. Dollar/Japanese Yen
194 0 7
USD/JPY             extends its losing streak for the fourth straight session, risk-off intensifies after Yuan devaluation, supporting Yen higher.

The pair hit fresh multi-month lows at 118.35 before attempting a minor recovery to 118.80 levels.

Risk-off sentiment continues to dominate on renewed China woes, underscored by poor PMI data, markets will track sentiment across European equities (tipped for a lower start).

Later in the NY Session US economic data and the FOMC minutes may provide the much-needed impetus to the greenback.

Target levels in the previous call have been met, the pair finds strong support at 118.30 levels, breaks below will target 117.71 (78.6 Fib of 116.08 to 123.76 rise).

On the otherside a close above 119.01 which is 61.8% Fib of 116.08 to 123.75 rise will see tests of 120 levels.

Resistance Levels:

R1: 119.01 (61.8% Fib of 116.08 to 123.75 rise)

R2: 119.16 (Session highs Jan 6)

R3: 119.68 (Hourly Cloud Top)

Support Levels:

S1: 118.30 ( Trendline support)

S2: 118.07 (Daily Low Oct             15)

S3: 117.71 (78.6% Fib of 116.08 to 123.75 rise)
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