EUR/JPY trades at Y128.32 at writing,......>

EURO-YEN: EUR/JPY trades at Y128.32 at writing, hitting session highs after

slipping 75 pips Friday, as EUR came under pressure from disappointing PMI

figures, Germany's final GDP reading confirming poor performance in Q3 & MNI

sources citing pressure on the ECB's "balanced risks" line due to poor economic

data. Meanwhile, the yen outperformed all of its G10 peers but the greenback at

the end of the week. 

- However, JPY came under pressure from disappointing m'fing PMI figures in

today's Asia-Pacific trade. At the same time, domestic benchmark stock indices

are posting gains thus far with the Nikkei 225 ~0.6% higher on the day at

writing. 

- Bulls eye the 21-DMA at Y128.66 and a break above would shift their focus to

Friday's highs of Y128.92. Conversely, bears need to move back below Friday's

low at Y127.86 before targeting the Nov 15 low at Y127.77.