• USD/JPY knocked-off to fresh session lows ahead of Europe open, as more JPY bought back on major risk averse markets
  
  
• USD/JPY weakness likely to extend into the European session, cloud has thinned out, making the upside very vulnerable
  
  
• Nikkei closed over -4% lower, China's Shanghai Composite tanks -2% while Hang Seng remains deep in the red, down -3.36%
  
  
• USD/JPY is currently trading at 119.37, with immediate resistance at 120.09 (20 DMA) ahead of 120.67 (cloud base)
  
  
• Supports on the downside are seen at 119.30 (Triangle Base From 118.25) and then below at 119.21 (Daily Low Sep 24)
  
  
• Markets now await European markets' open for further direction, also in focus in the NY session will be U.S. consumer confidence and goods trade balance data