The U.S dollar has moved lower against the Japanese yen, following reports that Senate Republican leaders in the United States are considering a one-year delay in the implementation of the U.S corporate tax cut. The USDJPY pair currently trades around the 113.80 level, after finding interim support at the 113.64 level. Traders now look to President Trump’s response to possible delays in his administration’s tax reform plan, and next directional move in the U.S dollar index.
The USDJPY pair is intraday bearish while trading below the 114.24 level, further declines towards the 113.68 and 113.33 levels are likely while price-action trades below this key level.
Should price-action on the USDJPY pair start to trade back above the 114.24 level, further upside towards the 114.50 and 114.75 seems likely.
