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USD/JPY steadies and edges higher
Yesterday the noted price action in the USD/JPY to the US CPI data was rather treacherous, as it first lifted above 149.50, only to fall back just as fast below 148.50 on the weekly claims data. The dollar hit a session low at 148.29 and later rebounded back above 149 again. It then fell back into the US close, ending the session at 148.57. The range seen so far today has been covered 148.41 to 148.85. That high was set a few moments ago and so as you can see the dollar is edging its way back up this morning. The acid test for the USD/JPY will probably come later today, when the US PPI report hits the screens, as once again the USD/JPY will be front and centre to any market reaction resultant from that data. The USD/JPY is currently trading at 148.74
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