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USD/JPY still capped at 149.50 so far today

On Friday the USD/JPY did briefly vault the noted 149.50 level. The high seen was set at 149.58, but it could not hold the break and fell back. Now that suggests the move above 149.50 was all about stops and little else. The USD/JPY later fell back to test 149 and then closed the week at 149.29. Today is has not made any progress either, despite the BOJ being absent due to the Japanese holiday. Of course that US CPI data looming tomorrow could be having an impact on dollar longs here and encouraging some profit-taking in case that data is on the low side. Those US yields are slightly lower this morning, most probably for the same reason and that has weighed on the USD/JPY price action. The dollar has edged back from an earlier session high at 149.32, to a low so far at 149.08. It is currently trading at 149.13

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