Quick move lower reversed in whippy trading
The USDJPY fell sharply after the US CPI data came in at 0.1% for headline and core, below the 0.2% estimates. Real average earnings YOY rose to 2.2% from 1.8% however, and the pair has reversed to the highs for the day. The 1.8% was the lowest on the year, but the high in 2015 was 3.0% in January. So it seems there might have been some bids against the 123.00 level which may have given the pair a boost. Remember the summer time markets can be quite whippy.