• USD/JPY price action tepid despite the rebound in risk assets. Daily range = 157.85-158.52

• The 200-DMA (158.68) continues to cap. Pullbacks also remain limited at range lows

• US CPI is the next data risk, but the impact may be small with a Fed hike largely priced in 0#USDIRPR

• Softer oil and UST yields favour JPY, but the bid is muted

• In the short-run, there is little to suggest a meaningful breakout of the 156-159 range

• n the short run, there is little to suggest a meaningful breakout of the 156-159 range
USDJPY daily chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))