Onshore Markets Return, Oct CPI On Tap

USD/JPY tracks near 149.60 in early Friday dealings. The yen finished the Thursday session basically unchanged on end Wednesday levels. Dips sub 149.00 were supported, while yen fell against GBP amid positive UK PMI data. It was also down against AUD and NZD, amid slightly firmer risk appetite from higher UK/EU equities.

• In terms of USD/JPY technicals, attention is on Tuesday’s price pattern - a dragonfly doji candle - that highlights a potential reversal and the end of the recent corrective move down. If correct, it signals scope for a rally that would expose key resistance at 151.95, the Oct 21 2022 high. On the downside, a break of Tuesday's 147.15 low, would cancel the pattern and instead expose 146.19, trendline support drawn from the Mar 24 low.
• Today onshore markets return, we have Oct National CPI on tap. The market expects headline to rise 3.4% y/y, from 3.0%, while core (ex fresh-food and energy) is projected at 4.1% y/y versus 4.2% prior.
• Also out are weekly investment flows, preliminary PMIs for Nov. Second tier data is out later in the session.