USD/JPY fails to set daily close above 152.00 as US CPI looms

There is no doubt that the release of the latest US CPI report is the most important scheduled event of the day this afternoon. Ahead of that the dollar has traded with some mixed fortunes in Asia today. Yesterday the USD/JPY did not really drive home the technical break above 152 (200 day moving average). The dollar reached a high at 152.18 yesterday afternoon and that high was set at exactly 4pm GMT here in London. So, you can garner the implications of that timing, right? Well, it then later failed to hold that breakout and later closed in the US at 151.95. The price action so far today has seen it slip to a low earlier, at 151.42. It has lifted off that low now though. That 200 day moving average has shifted slightly today, currently at 152.01. Quite simply the USD/JPY will sink or swim on what the US CPI data has to deliver later on. There will be more to add on that as the morning unfolds. Meantime, it seems some money was taken off the table earlier, in case that CPI disappoints to the downside. The USD/JPY is currently trading at 151.74