USD/JPY 5 mins chart
The pair had looked for a bit more of a correction higher earlier but is facing a bit of a wall at the 143.00 mark today. There are large option expiries at the level as noted here, so that might be playing a part but it also likely says that buyers are still lacking any strong conviction since the drop near 145.00 at the end of last week.
The pair was up by roughly 90 pips earlier but is now just up 40 pips at 142.45 on the day.
In the bigger picture, there’s still a big air pocket between 140.00 and 145.00 that we can see price action roam around. And until we get a stronger conviction for buyers or sellers to push price beyond that range, we might be in for more choppy trading this week.
As for key risk events to watch out for, there will be none bigger on the week than the US CPI data on Wednesday.