JPY crosses were buoyed by Monday's risk on.....>

YEN: JPY crosses were buoyed by Monday's risk on sentiment, alongside touted

Japanese bank demand for the AUDJPY cross in Asia-Pacific dealing. USDJPY last

trades at 105.50, with EURJPY at 131.45 * AUDJPY at 81.80, as the JPY

experiences some modest underperformance in early Tuesday trade. Focus in Japan

is set to fall on former Japanese Tax agency chief Sagawa who is expected to

testify on the Moritomo scandal at some point today.

- Initial upside USDJPY focus is now on 106.09. Daily studies are well placed

for a fresh leg higher. Bears now need a close below the LT rising TL at 104.26.

- Despite flirting with key WMAs, EURJPY bears failed to gain traction below the

55 (129.21) & 200 (129.44) WMAs with the bounce to start the new week seeing

focus back on the 131.90-133.20 region where 55, 100 & 200-DMAs are noted. Bears

now look for a close below Y129.97 to return pressure to 128.94-129.44.

- AUDJPY bulls continue to look for a close above 82.70, with daily studies

correcting from oversold levels. While 82.70 caps bears focus on 80.24, with the

Bollinger base (80.73) remaining their key concern.