InflationCPI m/m (Apr.): 0.3%Forecast: 0.3%Previous (Mar.): 0.2%Core CPI (Apr.): 0.2%Forecast: 0.1%Previous (Mar.): 0.2%JobsJobless Claims: 297KForecast: 321KPrevious: 319KManufacturingEmpire State Manufacturing Index (May): 19Forecast: 5.5Previous 1.3US data was mostly positive today and traders are reacting USD-positive. Let's look at the initial reaction in USD/JPY and Gold.USD/JPY (usdjpy 1h chart)USD/JPY rallied and is starting to build a bottom in the very short-term. Staying north of 102, USD/JPY has the next resistance levels in sight:R1: 102.35R2: 103However, failure to clear 102.20, while the 1H RSI holds below 60, the pair will still have near-term bearish momentum, and a return below 102, puts the focus back on the 101.40-50 support area.Gold (XAU/USD) (gold 4h chart)Gold price was trying to push above 1300 today, and was challenged by a falling trendline coming down from April's high of 1331. The 4H chart shows a market that is bearish but has turned neutral. Failure to break above the trendline keeps the bearish bias. After this reaction, a break above this week's high around 1310 will open up the 1331 high. Otherwise, direction remains unclear even in the short-term.