FXStreet (Mumbai) - The demand for the safe havens – Yen, Treasuries – spiked in Europe, sending the USD/JPY pair to a session low of 119.50 levels. Risk aversion favours Yen The major European stocks have taken a hit in the early session, with Germany’s DAX and London’s FTSE down more than 1% each. The pan-European Blue chip Euro Stoxx 50 index declined 1.25%, leading to a rise in demand for the traditional safe haven assets like the Yen, gold and Treasuries. The USD/JPY pair weakened, while the 10-year treasury yield in the US fell more than two basis points to 2.035%. Heading into the US advance retail sales report, the activity in the stock markets and the overall market’s demand for the US dollars could continue to guide the USD/JPY pair. USD/JPY Technical Levels The immediate support is seen at 119.49 (Oct 1 low), under which the pair could drop to 119.05 (Sep 18 low) and 118.68 (Oct 2 low). On the higher side, resistance is seen at 120.00, followed by 120.22 (triangle resistance on the daily chart). Above 120.22, the pair could test offers at 120.56 (Oct 6 high). For more information, read our latest forex news.