FXStreet (Mumbai) - The USD/JPY just hit fresh session low of 118.87, indicating the investors are convinced by the oil rally and the resulting moderate gains in the US stocks. Stability will be short-lived? The stability in the equities seen in the early US session could very well turn out to be short-lived, since oil rally lacks fundamental base and appears largely chart driven. Hence, the bid tone around safe haven JPY refuses to weaken. The pair remains at the mercy of the sentiment across Wall Street. Meanwhile, the US ISM non-manufacturing number for January could also influence the pair. USD/JPY Technical Levels The spot trades around 118.90. The immediate support is seen at 118.65 (Jan 28 close), under which the spot could target 118.30 (23.6% of 125.856-115.97). On the other hand, a break above 119.75 (38.2% of 125.856-115.97) could open doors for a rise to 50-DMA at 120.25. For more information, read our latest forex news.