FXStreet (Bali) - Risk off is hitting Asian markets yet again after the PBOC set today's USD/CNY mid-point at 6.5314 vs yesterday's fix of 6.5169 and close at 6.5157, which is a sharp devaluation causing more market unrest. PBOC sends markets into a tailspin USD/JPY has seen another massive collapse from 119.15 all the way to 118.30/35 fresh multi-month lows, with the market remaining ultra slippy as per option players positioning, suggesting the spot price is likely to remain at high risk of further falls as long as volatility continues to be at such elevated levels. Key levels to watch On the downside, the next big target for bears can be found at 118.00, with a break lower exposing 117.50 ahead of 117.00 and 116.35 August lows. On the upside, 118.85/90 up to 119.00 is now key resistance. The market reamins in outright sell-shallow-rallies mode. For more information, read our latest forex news.