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USD/JPY breaks above resistance at 154 on hot CPI data
As covered here earlier today in a number of updates, the USD/JPY was either going to reject a break above a technical resistance level at 154, or reject it altogether, depending on what we got from the January US CPI report. Well, as you can see, the dollar charged through that level and did not touch the sides either. The USD/JPY has now recovered the upside trend again, as long as it remains above that 154 handle on a sustained basis. To be honest there really is no reason to sell the Dollar on that CPI data, but of course the BOJ is still lurking in the background. However, this side of 156-158 they will likely remain silent and inactive. The USD/JPY is right now at 154.35
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