Housing slump plus Inflation; Going short on US dollar

Housing data is not expected to be encouraging tomorrow, Industrial Production probably stalled after contracting in April, and inflationary pressure in the production side will increase concerns on purchasing power of American consumers.

I think these forces could reduce the possibility of an interest rate rise by the Fed in the short term, which I expect to be negatively reflected in US dollar.

I see two candidates for buying against dollar: British pound and Japanese Yen. I decided to go short on USDJPY at 108.11; regarding relatively good technical conditions. UK CPI is ahead and I would buy GBPUSD (or GBPJPY) if technical conditions improve in coming hours.