Australia Consumer Price Index (QoQ) increase to 0.4% in 1Q from 0.2%

The USD/JPY closed the day up 7 pips at 99.37. The pair traded in a wide range, initially selling off after the China PMI data, and then ducking as low as 98.48 during the European session after the German PMI release. However, dip buyers stepped in at this level and the pair drifted higher much of the afternoon. USD/JPY is well bid thus far in the Asia session, up another 34 pips at 99.70.