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USD/JPY waiting on US CPI data as Japanese officials warn on FX moves

Since the sudden drop back in the USD/JPY yesterday (noted here at the time), the dollar did recover most of that fall, from what was a new 2023 high, at 151.91. However, since that fall, the rebound has not threatened the previous high and the dollar has stalled ahead of 151.80 so far today. The USD/JPY closed in the US last night at 151.72. Earlier today we had a number of Japanese speakers warning over sudden and sharp moves in the Yen. The markets have mostly taken all that on board, but it could be an indication that are not happy if the dollar rises above 152. That said, their failure to shift monetary policy is at the heart of their FX problem, if you want to call it that. Later today the US CPI report could decide if they might have to put their money where their mouths are, or not as the case may be. That means the USD/JPY is very much in play again today. The range seen so far today has been covered by 151.62 to 151.78. It is just now trading at 151.69
 

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