After the JPY drew support from..........>

DOLLAR-YEN: After the JPY drew support from EM/trade related woes early Friday,

USD/JPY moved back from a session low of Y110.69 to reclaim Y111.00, as the USD

turned bid, and last deals at Y111.08.

- The JPY had limited to no reaction (on Friday) as it became apparent that the

BOJ trimmed the number of purchases of the 1-10 Year buckets in its September

Rinban operations to 5 (prev. 6). It is also worth noting that in all the

buckets where the Bank trimmed the number of monthly purchases, it also upped

the potential size of the purchases. The move may also be a result of calendar

effects i.e. a limited amount of eligible purchase days during the month of Sep.

- Bears need to see the pair close below Y111.00 to target the 100-DMA

(Y110.33). Conversely bulls need a close above Y112.00 to reignite positive

momentum and target the August highs (Y112.15) and July 19 high (Y113.17).

- Focus this week moves to addresses from BOJ's Kuroda & Kataoka, Rinban

operations & 10-Year JGB supply.