FxWirePro: USD/JPY extends range trade amid persisting risk-off moods

• Yen bulls remain in control amid tepid Chinese data and sinking Asian indices, fuelling further risk-aversion
   
• China's September CPI missed forecasts at +1.6% y/y vs expected +1.8%, while PPI saw -5.9% y/y, in line with expectations
   
• USD/JPY attempts tepid-recovery towards hourly 50-SMA amid persisting risk-off moods
   
• USD weak across the board as further signs of weakness in China fanned expectations that the Fed will have to wait longer before tightening
   
• USD/JPY gains were capped at hourly Kijun by 119.72 and the pair slipped lower to 119.63 levels
   
• Price action still languishing below the cloud, contained within a narrow 119.80/48 range on the day  
   
• USD/JPY has immediate resistance at 119.78 (4h 10 DMA and ) and support at 119.62 (daily Tenkan)

Resistance Levels:

R1: 119.78 (4h 10 DMA and Tenkan)

R2: 120.00 (Daily Kijun)

R3: 120.41 (cloud top)

Support Levels:

S1: 119.48 (session low)

S2: 119.24 (Sept 19 low)

S3: 119.22 (Sept 24 low)