• USD/JPY fell to 132.025 near this week's 131.84 low after PPI & claims

• The data added to others signaling disinflation, less Fed hike need

• But the data hasn't been overwhelmingly dovish thus far

• Most of a 25bp Fed hike is priced in for May before 50bp of cuts by Dec

• USD/JPY will fall if Fri's retail sales and Mich sentiment are weak

• Thur's low is also by 61.8% of April's range at 131.94

• A close below there & Mon's 131.84 low on EBS eyes April's 130.64 low

• At f/c data Fri would leave prices in limbo before the May 4 Fed meeting

• But a close below the weekly cloud base at 132.24 would eye 2023's lows

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