FXStreet (Mumbai) - The acceleration of the losses in the Asian equities, particularly Japan, triggered fresh sell-off in the USD/JPY pair, with the major now losing 117 handle. USD/JPY keeps falling as risk-off intensifies The USD/JPY pair trades -0.58% lower at fresh session lows of 116.94, falling further from 5-DMA placed at 117.20. The selling pressure on the dollar-yen pair heightened in mid-Asia as risk-off sentiment persists in full swing following sharp falls seen on the Asian indices. The Japanese yen was back in demand on increased flight to safety as oil prices too accelerated to the downside, with the US oil flirting with multi-year lows. Meanwhile, the Nikkei drops over -3% versus -1.65% previous, Australia’s ASX 200 declines -1.08% versus -0.65% earlier, while China’s Shanghai Composite now loses –1.40%. Looking ahead, the sentiment on the stocks and the oil price action continue to remain the main market drivers amid a lack of fundamental triggers until the NY session today. The US CPI report will be published later in the session ahead. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 118/118.03 (round number/ Jan 11 High). A break above the last, the major could test 118.28 (Jan 14 & 15 High). While to the downside, the immediate support is located at 116.68/55 (Jan 11 & 18 Low) below which 116 (multi-month lows) would be tested. For more information, read our latest forex news.