• Disappointing Chinese manufacturing PMI data saw a renewed bout of risk-off trades on concerns about weakness in the world's second-biggest economy
  
  
• Risk-off sentiment was in full swing across the Asian markets after US stocks closed in the negative territory, and Chinese factory gauge further spooked the markets
  
  
• Asian indices dived deeper into the red on Wednesday, extending losses from early trades, Hong Kong's benchmark, Hang Seng losing more than 3% and Shanghai Comp down -1.50%
  
  
• Yen was bolstered, erased losses and jumped to gains versus the US dollar, USD/JPY dropped sharply to lows below 120 handle 
  
  
• The pair is likely to remain pressured amid a renewed bout of risk-off trades as markets digest the latest China PMI report
  
  
• USD/JPY is currently trading at 119.73, with immediate resistance at 120.01 (Daily Tenkan) ahead of 120.61 (Session High Sep 22) 
  
  
• 119.70 (Daily Lows Sep 21, 22) is strong support on the downside, breaks below could see the pair at 119.12 (Triangle Base From 118.25)

Resistance Levels:

R1: 120.61 (Session High Sep 22)

R2: 120.66 (Daily High Sep 21)

R3: 120.88 (200-Day MA)

Support Levels: 

S1: 119.70 (Daily Lows Sep 21, 22)

S2: 119.12 (Triangle Base Fm 118.25)

S3: 119.05 (Daily Low Sep 18)