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It is volatile out there now-check out the USD/JPY price action

Since my last update on the dollar reaction to the CPI data there have been some decent swings in the price and none more so than in the USD/JPY. The dollar did rise further above a noted and important Fibonacci level, at 146.08(50% of 151.91-140.25 move). The dollar rose to a high at 146.41 ahead of the US stock market opening, but then backed off again to around 145.75. It is a bit of a battle out there right now between the dollar bulls and the dollar bears and that is providing plenty of price action for sure. It might be important to see where the USD/JPY closes the session tonight, whether that is above or below 146.08. The USD/JPY is currently trading at 146.03

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