After the ECB the USD/JPY will be paying close attention to the US data this afternoon

At 1.30pm GMT, after the ECB decision, the focus will shift pretty quickly onto the US economic data releases. Those are the latest weekly and continuing jobless claims and the November PPI (Producer Price Index). Core PPI is forecast to come in slightly lower on the month (+0.2% from +0.3%), but the core annualised rate is forecast to rise slightly, from 3.1% to 3.2%. As usual US yields and the USD/JPY will be at the front and centre of any market reaction to these data points. Ahead of that the USD/JPY has been edging lower for the past couple of hours and as noted earlier, that is mostly due to the EUR/JPY. That has now fallen back further below the 160 handle and right just underneath 159.75. That has kept the USD/JPY under a degree of downside pressure and pushed the EUR/USD a little lower now too. We shall see, if the US data can vault the USD/JPY higher again, or further add to the downside. The USD/JPY is currently at 152.24