USD/JPY traders reluctant to make a move before US CPI?
Wednesday, 14 February 2018 08:02 WIB | CURRENCIES |Dolar ASUSD/JPY,

USD/JPY has been subdued in the Tokyo open, with a little drift higher from 107.74 to 107.83 despite the Japanese  GDP data while markets instead await the US CPI later this week.  Currently, USD/JPY is trading at 107.82, up 0.03% on the day, having posted a daily high at 107.86 and low at 107.74.

Japan's (prelim) Q4 GDP arrived at 0.1% q/q (vs. expected at 0.2%) but was ignored despite the disappointment in the details of the data compared to expectations, although there have now been 8 consecutive quarters of economic growth.

USD/JPY was offered yesterday, dropping hard from 108.80 in Asia and extending losses in European trade, making a low of 107.42 before a minor correction took place in NY towards the 108 handle, capped at 107.84. Markets are reluctant to take on risk ahead of this week's showdown in US CPI.  As for rates, the US 10yr treasury yields dropped to 2.83%, although the 2yr yields rose from 2.06% to 2.10%. The Fed fund futures yields have been steady once again, an according to a Bloomberg estimate, they are pricing the chance of another rate hike in March around 90%.

Source : FXstreet

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