It looks like some in the market either took a flyer or had wind of the US CPI release. USD/JPY was already moving lower into the release having topped out at 118.15. The 0.5% fall in US prices for the period to October compares with market expectations of a 0.3% drop.
The October fall follows a similar drop in September. US TIC data up next on the hour and the forecast is for a USD 75 bln figure for September vs USD 116.08 bln in August. USD/JPY support remains at 117.75 and with a series of falling hourly tops the risk is increasing for a test.
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