The U.S dollar continues to drift lower against the Japanese yen, hitting 112.09 during the early Asian trading. Renewed selling occurred in the pair, after two Republican senators were reported to have sought changes to the proposed legislation to overhaul the US tax code. The USDJPY pair currently trades around the 112.20 levels, as stocks and perceived riskier assets classes remain pressured. Traders now look to manufacturing and industrial production figures from the U.S economy, and any updates coming from U.S Congress on the tax reform bill.
The USDJPY pair remains strongly bearish while trading below the 112.20 technical level, sellers may now push price-action towards the 111.87 and 111.38 support levels.
Should price-action on the USDJPY pair hold above the 112.20 technical level, buyers may push price-action towards the 112.70 and 113.10 resistance levels.
