• Another round of yuan devaluation by PBOC was seen early today, an attempt to support the export sector and aid the overall economic growth 
  
  
• Greenback remains supported from risk-off flows following PBOC devaluation, pushing USD/JPY higher beyond the 125 handle
  
  
• Currently   USD/JPY trades at a fresh two-month high at 125.27, day's range 125.04/125.27
  
  
• Next resistance is located 124.36 (Tenkan-Sen) above which it could extend gains to 125.60 (Hourly High Jun 8)
  
  
• To the downside immediate support might be located at 124.11 (Daily Low Aug 7) followed by 124.08 (21 DMA)
  
  
• Bullish Ichi configuration, led by the Tenkan at 124.36, underpins prices, further grind higher likely
  
  

Resistance Levels:

R1: 125.60 (Hourly High Jun 8)

R2: 125.68 (Daily High Jun 8)

R3: 125.86 (2015 High Jun 5)

Support Levels:

S1: 125.21 (Session High Aug 11)

S2: 124.36 (Tenkan-Sen)

S3: 124.08 (21 DMA)