USDJPY has seen some sell-off from the 116 level recently, with the price currently trading around 115.4. Today at 1pm the CPI and inflation data will be released. The inflation c consensus is 7%, the highest in many years for the US. If this is the case then USD pairs will surge, with many analysts predicting strength for the dollar should this data match the consensus. The initial target of this trade is at 115.8, with the final target located at the previous high of 116.3.