JPY has garnered poise on risk...........>

DOLLAR-YEN: JPY has garnered poise on risk aversion, tops the G10 pile, even as

Japanese markets are closed for a national holiday. USD/JPY has slid 32 pips &

last deals at Y105.37, with no drivers in the way of headlines or data apparent.

The drop in USD/JPY occurred in sync with a move lower in S&P 500 futures.

- USD/JPY met support at the trendline which intersects at Y105.32. Below here

and Friday's cycle low/lower Bollinger band (2%) at Y105.27/22 would reassure

bears, opening the Y105.00 psychological barrier. Bulls look for a bounce above

the Aug 7/6 lows of Y105.50/52 before attempting a move at the Y106.00 mark.

- This comes after USD/JPY shed 38 pips Friday. An early drop into the Asia-Pac

session stemming from U.S.-China tensions was gradually recouped, but the

downside momentum was reignited into Europe and sustained in U.S. hours on

hawkish China comments from U.S. Pres Trump. The rate bottomed at Y105.27 before

bouncing from lows as Fox's Edward Lawrence tweeted that Trump's "we're not

doing business with Huawei" referred to Federal Depts, not private enterprises.

- On the Japanese docket this week are PPI (Tuesday), core machine orders

(Wednesday) and final industrial output (Thursday).