The Fed says the price pressures are transitory and they don't get much more transitory than gasoline prices
Even though we beat the expected CPI number, the drop from last month was confirmed. The wires are mainly citing that 9.0% drop in gasoline prices as the main driver. That's something the Fed will be happy to look through as part of their transitory mantra
USDJPY has gone through 118.50 but has hit the wall at 118.75/80 and this level might be made of sterner stuff. That failure, and if we get another attempt fail, again spells trouble and means we're likely to see it fall back lower again. At the third time of asking, 118.00/10 may give out
USDJPY 15m chart
