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The USD/JPY pair recovered early lost ground to fresh eight-week lows and has now moved to session tops, around the 109.20-25 region.
With tensions between the US and N. Korea showing no signs of abating, investors' flight to safety continued benefitting the Japanese Yen and dragged the pair below the 109.00 handle for the first time since June 14. Investors tend to drive traditional safe-haven assets, including the Japanese Yen in times of heightened global uncertainty.
• Ex-US defense official: Any new Korean war could quickly escalate to catastrophe
Meanwhile, a modest US Dollar recovery helped limit further losses and assisted the pair to bounce off session lows. The recovery move, however, lacked any strong follow through traction as investors refrained from placing aggressive bets ahead of the release of US consumer inflation data later during the day.
Along with the US CPI print, speeches from a couple of FOMC members - Dallas Fed President Robert Kaplan and Minneapolis Fed President Neel Kashkari, would also influence Fed rate hike expectations and drive the pair through NY trading session.
• Fed to hike rates by 25 bps in Q4 2017 – Reuters Poll
Technical outlook
Omkar Godbole, Analyst and Editor at FXStreet writes: "Short-term pullback likely on strong US CPI, but gains likely to be capped around 111.00. A close below 109.36 could yield 105.50 over the next few weeks."
