USDJPY TURNING BEARISH BELOW 106.72 PIVOT

The U.S dollar has erased recent strong trading gains against the Japanese yen currency, after the news that Rex Tillerson was fired as U.S Secretary of State, caused the greenback to sell-off across the board. The USDJPY pair currently trades around the 106.50 level, with price-action earlier rejected twice from the pivotal 106.72 level as sellers take control. Moving into the U.S trading session, the release of U.S Retail Sales and Producer Price inflation data for the month of February takes centre stage for market participants.

• The USDJPY pair is intraday bearish below the 106.72 level, further losses towards the 106.24 and 106.00 levels remain possible.

• Should the USDJPY pair regain bullish momentum above the 106.72 level, buyers may look to push price-action back towards the 107.04 and 107.22 levels.