USD/JPY climbs after CPI but it's all about trade today
USD/JPY climbs a dozen pips
CPI wasn't exactly strong as the headlines missed estimates and wage growth was soft. It didn't matter to USD/JPY as the pair rose after an initial kneejerk lower.
Treasury yields followed a similar path with US 2-year yields down to 1.44% then bouncing to 1.47%.
After all the drama in Asian trade earlier, I don't think anyone is taking a trade right now with any conviction. It's a headline-traders trade right now and the playbook is to wait and see what happens next.