USDJPY dips after weaker than expected US CPI

Moves away from topside trend line and highs for the week.

The USDJPY peaked right near the highs for the week and a trend line connecting highs from August 29 and September 5th on the hourly chart.

The price has rotated lower but remains above the close and lows for the day.

The pair closed yesterday at 111.246. The low off the highs, reached down to 111.365.

Other targets on the downside include the 100 hour MA at 111.28 and the 200 hour MA at 111.238.

The close from yesterday is between those two MA lines. Also in the area is a swing low from Tuesdays trading at 111.28.

So the 111.238-28 is a key area for the day. A test should see some stall with profit taking and dip buyers. A move below should trigger stops with the 111.159 and 111.01 the next targets.