USD/JPY very much in the spotlight shortly this afternoon

As covered in a number of updates earlier today, the important US CPI data will be released, at 1.30pm GMT. Ahead of that release the USD/JPY had traded earlier close to the 154 handle and as pointed out, that is a potential resistance level. Of course the US data might blow that away in a heartbeat. Conversely, the dollar might not even get a chance to test the level, if the CPI data comes in significantly lower than forecast. Those forecasts were already covered in an earlier update looking at the Dow Jones, so they will not be repeated again here. The range in the USD/JPY so far today has been covered by 152.38 and 153.89. Therefore, and given the wider, recent rebound from below 151, perhaps a strong number is already priced in at the current levels? Well, that is not for me to decide here, more so for you. Either way, we are going to get some price action a little later this afternoon. The USD/JPY is currently trading at 153.60