The U.S dollar remains under heavy selling pressure against the Japanese yen, hitting 113.06, following the delay of the proposed U.S corporate tax reforms, until 2019. The USDJPY pair has recovered back towards the 113.44 level, but remains weak, as risk-off trading sentiment send investors into the perceived safety of the Japanese yen. Foreign exchange traders now look to the European market open, and the key 94.00 technical support level on the U.S dollar index.
The USDJPY pair intraday bearish while trading below the 113.68 level. Further losses towards 112.94 and 112.28 remains likely.
Should sellers push-price above the 113.68 level for a sustained basis, the 114.04 technical level is likely to be re-tested.
