• USD/JPY holds in narrow 147.65-148.54 EBS range ahead of US CPI

• Trsy yields firm as shares rise after soft CPI, tariff reductions

• Both China and U.S. announced selective reduction in tariff levels

• Pres. Trump secured $600 billion investment commitment from Saudi Arabia

• Oil up 2% as U.S. sanctions companies sending Iranian oil to China

• Yen vols slide across tenors, 3-mo. implied lowest since March

• USD/JPY dips below 147.88-150.40 Ichimoku cloud, tests 21-day upper Bolli

• Yen crosses move broadly higher with AUD/JPY up 1% at a new 2-mo. high

• Resist: 147.88 cloud bottom; 148.65-70 Dec 3 and Mar 31 lows

• Supp: 147.48 21-day Bolli top; 146.60 55-DMA; 146.18 May 8 high

• Tokyo to eye Japan corporate goods prices for April
Yen

(Robert Fullem is a Reuters market analyst. The views expressed are his own.)