USD/JPY dips after failing to get past the 143.00 mark

<p>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 <a href="https://www.forexlive.com/Orders/fx-option-expiries-for-10-july-10am-new-york-cut-20230710/" target="_blank" rel="follow">here</a>, 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.</p><p>The pair was up by roughly 90 pips earlier but is now just up 40 pips at 142.45 on the day.</p><p>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.</p><p>As for key risk events to watch out for, there will be none bigger on the week than the US CPI data on Wednesday.</p>

This article was written by Justin Low at www.forexlive.com.