The U.S dollar has recovered some of its steep early-week trading losses against the Japanese yen, after improved U.S macroeconomic data, and an overall shift in trading sentiment. The USDJPY pair has moved price-action back above the key 113 level, after finding support at the 112.47 level on Wednesday. Traders now look to global stock markets, and the U.S dollar index’s reaction to today’s crucial vote in the U.S Senate, which centers around the Trump administrations proposed U.S tax reforms.
The USDJPY pair remains intraday bullish while holding above the 112.94 technical level. Further upside towards the 113.24 and 113.68 appears likely.
Should price-action on the USDJPY pair decline below the 112.94 technical level, further losses towards the 112.47 and 111.90 levels seems possible.
