EUR/JPY trades at Y128.06, 30 pips or so...>

EURO-YEN: EUR/JPY trades at Y128.06, 30 pips or so higher in Asia-Pac dealing. 

- JPY eased in late NY trade, after the White House stated that it is "unaware"

of any plans to impose another wave of sanctions on imports from China, contrary

to BBG reports earlier in the day, which sparked a modest reversal of risk

sentiment that has spilled over into Asia trade. 

- Early price action in EU hours was driven by reports & confirmation of German

C'llr Merkel's plan to step down as Chancellor at the end of her current term 

- Bulls need to break above the 38.2% retracement from 2012 lows to 2014 highs

at Y128.36 before challenging the 50-DMA at Y129.95, while bears look for a

close below the psychological level of Y127.00, which would allow them to regain

momentum.