FXStreet (Mumbai) - The demand for the safe haven JPY spiked, pushing the USD/JPY back below 117.00 levels after the stock markets in Europe turned risk averse. Hovers around hourly 50-MA The spot was offered near 117.50 levels and fell back to trade around the hourly 50-MA located at 116.97. The stock markets across Europe began the day on a flat note before demoralized bulls paved way for losses. The major indices are now down 1% each. Consequently, the safe haven JPY advanced, taking the pair to its hourly 50-MA. With no major data due later today, the pair is at the mercy of the overall market sentiment. USD/JPY Technical Levels The immediate support is seen at 116.53 (Feb 4 low), which if taken out shall open doors for a drop to 116.29 (Friday’s low). A break lower would expose 116.00 handle. On the other side, resistance is seen at 117.53 (daily high), above which the spot could test 118.02 (hourly 10-MA). A break higher could see the pair test 118.30 (23.6% of May 2015 high-Jan 2016 low). For more information, read our latest forex news.