USD/JPY dropped from 117.15 to 116.95 after the release of inflation data in the US. The pair rose quickly back above 117.00 and it was trading at 117.10, up 75 pips from yesterday’s closing price. According to the Labor Department, the Consumer Price Index fell 0.3% in November, the largest decline in six years. Analysts expected a decline of 0.1%. The annual rate fell from 1.7% to 1.3%. The larger-than-expected decline weakened the US dollar across the board, that trimmed gains. No more economic data will be release ahead for the FOMC statement, price action could continue to be limited until then. USD/JPY remained moving in a small trading range between 116.95 and 117.30.