USD/JPY steady above 157 this morning as US CPI and Fed await

The USD/JPY has been holding its ground well so far today in the face of US yields that are a little lower this morning (2 year note now at 4.84%). The USD/JPY peaked at around 157.40 yesterday and later closed in the US at  157.13. The dollar has traded as high at 157.29 so far today and the low seen earlier was set at 157.05. The price action above 157 has been pretty steady so far this morning ahead of 2 major risk events later today. The first of those is the May US CPI report (12.30pm GMT). The markets expect core prices to remain unchanged at 0.3% on the month and slightly lower on an annualised basis, at 3.5% compared to a prior rise of 3.6%. The Fed policy decision will then follow that later this evening, at 6pm GMT. Quick News will be on hand to offer some brief coverage of that event. So, even if the USD/JPY is forced to react to a surprise in the CPI data, any shift could later be countered by what the Fed has to say or do. Of course, we also have the BOJ policy decision to greet the dollar on Friday. So, in essence, the USD/JPY will be very much front and centre today and hence the focus here now and again later on. Meantime thew USD/JPY is currently trading at 157.26