JPY has stuck a tight range thus far this.......>

YEN: JPY has stuck a tight range thus far this week, despite some seemingly

positive developments on the US protectionist front. A WSJ report has suggested

that the US & China are quietly seeking trade solutions in wide-ranging

discussions aimed at widening market access follow Washington's vow to use

tariffs, while South Korea is on the cusp of a trade agreement with the US.

- USDJPY now trades 5 pips or so higher at 104.80. From a technical perspective,

bears now need a close below the LT rising TL off 2016 lows (104.26) to pressure

the pair lower. Bulls now look for a close above 105.22 to gain breathing room.

- EURJPY trades 20 or so pips higher at 129.60. To the downside the 55 (129.17)

& 200 (129.43) WMAs are key. Daily studies are approaching oversold levels, with

bulls now needing a close above 130.50 to ease bearish pressure and above the

channel top (130.96) to pressure the 200-DMA (131.89).

- AUDJPY trades at 80.80, with bears now looking for a close below 80.24. The

Bollinger base (80.53) remains the key concern for bears. Layers of resistance

accumulating add weight to the bearish case with bulls continuing to look for a

close above 82.70.