USD/JPY in position for further upside, eyes US CPI data ...Middle East

The pair saw a notable drop in US trading yesterday, falling quickly from near 151.90 to 151.20 before dip buyers stepped back in. Once again, the recovery was swift as price action then settled in around 151.50 to 151.70 levels and that is where we are trading at right now ahead of European morning trade today. So, what's next for USD/JPY?In the bigger picture, the momentum continues to point towards an upwards trajectory for the pair. That is despite long positions being rather crowded at the moment. The same fundamental factors that have driven USD/JPY higher for large parts of this year are all still in tact.The Fed may not be tightening further but the bond market rout (higher yields) h

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