USD/JPY technical analysis
The US dollar looked to be breaking below its recent range midway through last week but it was rescued by higher CPI numbers and a strong initial jobless claims report on Thursday.
The US dollar found some momentum since then but it began to stall yesterday and that's continued in Asia-Pacific trading.
The level I'm watching is 119.75, which was the opening level on Oct 14. Despite three days of gains, USD/JPY hasn't been able to win back the losses from Oct 14. If it stalls here, I believe it will head back down to 118.00 and lower.
We learned on the weekend that the BOJ isn't preparing to do another round of QE and that points to yen strength (USD/JPY weakness). I don't think that's priced in yet and USD/JPY could be hit by selling towards the end of the month.