USDJPY STRONGLY BEARISH BELOW 113.68 LEVEL
The U.S dollar has slipped below key support against the Japanese yen during the European trading session, hitting 113.55, as the U.S tax reduction plan faces a possible set back later today. The U.S Dollar index is also sliding lower and stocks are turning down, as the specter of a delay to the proposed corporate tax reduction by the Republican Senate, weighs on overall risk-on trading sentiment. The USDJPY pair currently trades around the price-lows of the day, after earlier breaching the key 113.68 technical level.
Should price action remain below the 113.68 level for a sustained period, further declines towards the 113.33 and 112.90 levels appear most likely. Extended intraday USDJPY support is located at 112.29 and 111.79.
If price-action closes back above the 113.68 level, further upside towards the 113.89 and 114.24 levels remains possible.