USD/JPY under Pressure Ahead of US CPI Data Release

The Japanese Yen remains under pressure against the US Dollar, trading cautiously in the European session on Wednesday.

The USD/JPY pair edged up to near 159.36 ahead of the US Consumer Price Index (CPI) data release at 12:30 GMT.

Analysts at ING expect a 'reasonably subdued' set of numbers, with consensus pointing to 0.1% month-on-month for headline and 0.2% for core CPI.

This would see the year-on-year rates drop to 3.4% and 2.5%, respectively, inching closer to the Fed's 2% inflation target.