USD/JPY: Back At Session Highs Following US CPI Data

The Yen is extending its losses again as the Dollar receives a boost from stronger than expected US inflation data. USD/JPY has climbed back to the 120.95-00 area, where price failed earlier in the session. The current push appears to have more weight behind it and with a good amount of option and exporter related selling having already passed through the market the way might be open for a clear break of 121.00. In terms of a topside target we have the lows from February 9 at 121.40.