FxWirePro: USD/JPY on guard as traders brace for US CPI print

• USD/JPY edged higher on Wednesday  but gains were limited as investors awaited  U.S. consumer inflation report.
 
• The upcoming CPI report is expected to influence market expectations around the Federal Reserve's interest rate outlook, keeping investors hesitant to take large positions in the pair.

• Median forecasts project a 0.2% monthly rise in headline CPI and a 0.3% increase in core CPI, pushing annual rates to 2.5% and 2.9%, respectively.

• Markets will also be watching a $39 billion 10-year Treasury auction, seen as a gauge of demand for U.S. debt amid rising concerns over a costly tax and spending bill moving through Congress.

• At GMT 09:25, the   dollar was trading up 0.10% at 145.10 against Japanese yen

• Immediate resistance is located at 145.54 (50%fib), any close above will push the pair towards 146.17 (Higher BB).

•  Support is seen at 143.08(38.2%fib) and break below could take the pair towards  142.31(3Lower BB).

Recommendation: Good to sell around 145.40, with stop loss of 145.90 and target price of 143.60