FxWirePro: USD/JPY loses momentum but bullish setup remains

• USD/JPY dipped  on Wednesday as dollar lost ground following    as initial optimism over the U.S.-China trade truce faded

• U.S. consumer prices rose modestly in April, with cheaper food offsetting higher rents, marking the slowest annual inflation in four years. However, the inflation outlook remains uncertain amid tariff concerns.

• U.S. consumer price index increased 0.2% last month, the Labor Department's Bureau of Labor Statistics said on Tuesday. Economists polled   had forecast the CPI would rise 0.3%.

• The data showed cooling price pressures before Trump’s tariff moves and reinforced expectations that the Fed will likely hold off on rate cuts until late summer.

•  At GMT 06:34, the US dollar was down 0.37% to 147.11 against the  yen.

• Immediate resistance is located at 147.71 (Daily high), any close above will push the pair towards 148.69(38.2%fib).

•  Support is seen at 146.80(50%fib) and break below could take the pair towards  145.00(61.8%fib).

Recommendation: Good to buy  around 146.90, with stop loss of 146.10 and target price of 148.50