FxWirePro: USD/JPY under pressure after early buying dries up

 • USD/JPY declined on Thursday as the dollar weakened, with optimism over a potential Ukraine-Russia peace deal overshadowing a hotter-than-expected U.S. consumer price report

• U.S. consumer prices rose by 0.5% in January, the biggest increase in nearly 1-1/2 years, while the core index climbed 0.4%, both surpassing the expected 0.3% rise.

• The U.S. producer price index, to be released later Thursday, will offer insights into the expected Personal Consumption Expenditures price index, the Fed's preferred inflation measure, due on February 28.

• At GMT 11:23, The greenback  was last  trading down 0.40% to 153.80 against Japanese  yen.
 
• Immediate resistance is located at 154.60(50%fib), any close above will push the pair towards 156.12(38.2%fib).

•  Support is seen at 153.21 (61.8%fib) and break below could take the pair towards 152.36 (Feb 12th low)