The swing highs between 109.417 and 109.48 from Tues, Weds, and Thursday.

The USDJPY is reaching toward a key swing area from last week's trading between 109.417 and 109.480. That area represents swing highs from last Tuesday, Wednesday and Thursday before the sellers took more control and pushed the price to the Friday low of 108.33 (post US jobs report).

The swing highs between 109.417 and 109.48 from Tues, Weds, and Thursday.

Now with CPI inflation picking up, the declines are being erased and the prices returning from whence it came.

I would expect some stall as risk can be defined and limited with stops on a break higher.

Risk on the hourly chart returns back to the 200 hour moving average and broken trendline near 109.055.

Closer intraday risk would be near 109.20. Looking at the five minute chart below, that was the lase swing high intraday. The last hour or so has seen the price extent back above that level and run to the highs. It is also the 38.2% retracement of the last leg to the upside (see five minute chart below

USDJPY on the five minute chart