USD/JPY Price Hits 134.00 in Anticipation of Hotter US CPI

The USD/JPY pair is bullish and could hit the sliding line (SL).

The US CPI and Core CPI could change the sentiment later today.

The price could be attracted by the median line (ML).

The USD/JPY price climbed as high as 134.04 today, posting a fresh monthly high. In the short term, the bias is bullish. However, the fundamentals could change the sentiment today.–Are you interested to learn more about MT5 brokers? Check our detailed guide-The currency pair rallied after the US NFP and Unemployment Rate indicators came in better than expected on Friday. In addition, the US Final Wholesale Inventories and NFIB Small Business Index supported the USD’s growth during the week.Today, the US inflation figures can be decisive and tend to change the sentiment in the short term. Anything could happen. That’s why we must be careful, as the US is expected to report lower inflation.The CPI m/m may report a 0.2% growth versus 0.4% in the previous reporting period, while the Core CPI could register a 0.4% growth in March versus the 0.5% growth in February. Also, the CPI y/y is predicted to report a 5.1% growth.Furthermore, the FOMC Meeting Minutes and the BOC represent high-impact events and could shake the markets.On the other hand, the Japanese data came in mixed today. The PPI and Core Machinery Orders reported better than expected data, while Bank Lending rose by only 3.0% versus the 3.5% expected.USD/JPY price technical analysis: Consolidating gains

The USD/JPY pair turned to the upside after testing the ascending pitchfork’s lower median line (LML). This was seen as a dynamic support.–Are you interested to learn more about Australian forex brokers? Check our detailed guide-Technically, the down-channel pattern represented a bullish formation. Now, it challenges the 133.75 former high and the weekly R1 (133.71). Stabilizing above these upside obstacles should announce further growth towards the inside sliding line (SL).A larger growth could only be activated after a valid breakout through this dynamic resistance. As long as it stays above the lower median line (LML), the median line (ML) could still attract the rate.