EUR/JPY trades at Y128.40 last, edging.....>

EURO-YEN: EUR/JPY trades at Y128.40 last, edging slightly higher on the day,

extending on the recent uptrend. 

- However, the pair has now largely erased its early uptick, which was driven by

the positive start for Japanese stocks. The rate ran out of steam above

resistance at the Oct 25 high of Y128.44, with bulls seeking consolidation above

before challenging cloud base resistance at Y129.02. Bears look for a break

below the psychological Y128.00 level, which would open up yesterday's Asia low

at Y127.74. 

- Japanese focus falls on today's BoJ MonPol decision. All of those surveyed

expect the central bank to leave its policy rate unchanged at -0.10%, with focus

set to move on to the BoJ's Yield Curve Control (YCC) mechanism and Gov.

Kuroda's rhetoric during his press conference.