USD/JPY popped 30 pips, has it further to go here on Senate votes?

Currently, USD/JPY is trading at 111.80, up 0.64% on the day, having posted a daily high at 111.89 and low at 110.83.

USD/JPY has been better bid on the US session and has recently popped circa 30 pips on news that Republican Senator Capito releasing a statement saying she will support the motion to proceed in respect to the House health care bill. However, there was no subsequent follow through and the major remains capped at aforementioned highs. There has been some confusion in the market resulting in a slowdown in dollar demand. At first, the Senate's procedural vote on health care bill was announced to have achieved the number of votes to pass. Subsequently, markets were expecting the debate on the House health care bill to get into motion, but the Republicans can't afford a "no-vote" and it has been rumoured that Murkowski and Collins both voted no - we await official results. 

USD/JPY levels

"USD/JPY has recently failed at the 114.38 recent high, and remains on the defensive. There remains scope for losses towards the 110.04 region, the location
of the 250 day ma, where we look for the market to stabilise and recover. Above 114.50 will see an extension to the 115.51/62, this years highs. Initial minor resistance lies circa 112.50/75," noted analysts at Commerzbank earlier.