USD/JPY is now up 160 pips on the day to 144.49. It rose as high as 144.99 last week but has been trending lower, in part due to the 'peak inflation' narrative that's also lifted stocks markets.
Even in the final minute before the release, there was selling in USD/JPY to a session low of 141.85. It's been an explosion to the upside since, rallying 240 pips. That put a sharp reversal on the daily chart.
That comes with the market now pricing in a 17% chance of a 100 bps hike next week.
As I publish this the dollar is pushing to new highs again.
