But perhaps the story of the lack of movement in USD/JPY is one more simpler and is tied to the fact that US yields are barely changed on the day as well. This comes as markets are waiting in eager anticipation of the US CPI report later at 1230 GMT.
As for the technical story, the timing of the equities selloff recently couldn't have come at a more appropriate time for sellers as it coincided with the pair touching the key resistance level at 114.50. That has previously stalled upside in the pair on three occasions in 2017 and it's one that has stalled the decline this time around as well.
Meanwhile, downside now appears to be limited by the 112.00 figure handle for the time being. We're very much in a wait-and-see mode right now as the storm (US CPI report) is set to hit and depending on the severity of the "damage", markets will react accordingly in the next step.
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