FxWirePro: USD/JPY dips as weaker dollar gives bears some traction

• USD/JPY edged lower on Tuesday as concerns over Trump’s spending bill weighed on the U.S. dollar
 
• Investors remain cautious as the U.S. Senate struggles to pass Trump’s tax and spending bill, which is facing pushback over its projected $3.3 trillion debt impact.

• The Congressional Budget Office on Sunday estimated the Senate’s version of the bill would add $3.3 trillion to the $36.2 trillion U.S. debt, $800 billion more than the House-passed version.

•  Powell's speech at the ECB’s Sintra forum will be closely scrutinized, as markets anticipate 67bps of Fed cuts this year.

• Meanwhile, A private survey showed  Tuesday that Japan's manufacturing activity expanded in June for the first time in 13 months.

• Japan's final au Jibun Bank Manufacturing PMI climbed to 50.1 in June, up from 49.4 in May.

• Key resistance levels: 144.74(50%fib), 145.27 (June 26th high), and 146.26 (Higher BB).

• Support levels: 142.94 (Lower BB), 142.36 (38.2%fib)and  140.49 (April 21st low).

Recommendation: Good to sell around 143.70, with stop loss of 144.60 and target price of 143.20