FXStreet (Guatemala) - USD/JPY is currently trading at 117.40 with a high of 117.69 and a low of 117.38. USD/JPY is slightly offered in Tokyo having met resistance at 118.00 overnight, with heavy supply to the midpoint of the 117 handle and a test of the 50 sma on the hourly chart offering some support for the time being with spot oscillating there with a low of 117.38. The main focus ahead for today will stay with US CPI's, "Expected at flat m/m and up 0.8% y/y. Excluding food and energy, we should see core rise 0.2% m/m and 2.1% y/y. Services ex-energy has been the key driver of inflation, with pressures from rent and, to a lesser extent, rising insurance and health costs," explained Sean Callow, analyst at Westpac. Meanwhile, as the theme goes for the year so far we await the Yuan fix to see that it is still stabilizing, risk on, and the Chinese stock market, to see that it is not too out of whack and also stabilizing, risk on again and weaker Yen perhaps. As a side situation, Members from the Bank of Japan are getting increasingly frustrated at the lack of progress on wage rises. USD/JPY levels Technically, a weaker Yen will bring in the recent highs on the 188 handle under jeopardy again. 118.37 will need to give to allow for a test of the 119 handle. The 200 sma on the 4hr chart stands at 120.25 as next psychological level. To the downside, a break here would open recent lows of 116.50 through the 117 handle. However, more consolidation is more likely in the absence of a catalyst today unless there are any shocks in Chinese markets. For more information, read our latest forex news.