USD/JPY backs off seven-week high

USD/JPY tilted lower in Asian trade off January 4 highs away from January 2017 highs, following earlier data from Japan and ahead of US data later today.

As of 06:04 GMT, USD/JPY fell 0.01% to 114.72, after plumbing February 3 lows at 114.50, with a session-high at 114.80.

Bank of Japan showed services prices rose 1.2% as expected in January, after BoE inflation data showed core consumer prices rose 0.8% in January, compared to a 0.9% rise in December.

From the US, house prices are expected up 1% in December, compared to a 1.1% rise in November, while S&P house prices index is expected up 18% in December.

US industrial PMI is expected up to 55.9 from 55.5 in January, while the services PMI is expected up to 52.9 from 51.2.

US Richmond manufacturing index is expected up to 10 from 8 in January, while the consumer confidence index is expected to slow down to 109.9 from 113.8.