USD/JPY waiting for US PCE report

The price action in the USD/JPY has steadied somewhat so far today. As covered here yesterday, the dollar rebounded from a low at 151.94, to a high at 154.32 set after the 4pm London fix. The dollar later posted a US close at 153.94. The range seen so far today has been tight by recent standards, with 153.40 to 154.14 covering for now. The low seen yesterday defined a 1000 pip fall since the dollar peaked at 161.95 on July 3. The low seen yesterday, at 151.94 was just short of the dollar reaching a 50% correction target (151.10) of the whole 140.25-161.95 move. What was also important was the even longer-term technical picture on the weekly charts, where the dollar had peaked back in 2022 at 151.95. That could make the low yesterday a defining level, but it is too early to conclude on that yet. In the short-term the USD/JPY seems to be steadying ahead of the important US PCE data due later today. The USD/JPY is currently trading at 153.67