JPY garnered support from much...........>

DOLLAR-YEN: JPY garnered support from much stronger than expected Jun wage data

in early dealing, although the stronger than exp. prints were fuelled by early

summer bonus payments, which could weigh on next month's readings. There was

also some modest JPY demand around the Tokyo fix, although the major JPY crosses

now trade at near unchanged levels, within tight ranges, USD/JPY last at

Y111.35.

- Friday's decline caused some damage to the near-term bullish technical

outlook. However, the broader bullish outlook remains intact. Indeed, bullish

momentum is rebuilding on intraday charts, suggesting a retest of the Y112.15

highs of last week. A break above here would return the focus to the Y113.17

July highs. The rising 55-DMA has continued to limit the downside, now placed at

Y110.67. A break below here is needed to shift the medium-term outlook bearish.

- The summary of opinions from the BOJ's July MonPol decision, due Wednesday, &

Friday's Japanese GDP release provide the JP highlights this week.