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JPY modestly outperforms in the G10 FX...>

DOLLAR-YEN
DOLLAR-YEN: JPY modestly outperforms in the G10 FX space in early Asia-Pac trade
today. USD/JPY last trades 6 pips worse off, at Y111.30, with the Nikkei 225 set
to open lower.
- Worth mentioning Japanese PPI slightly topped exp., while core machine orders
declined by more than exp., but little impact on JPY price action was noted.
- On Tuesday, JPY ended up underperforming all of its G10 peers save GBP, as
risk appetite was modestly positive through the day. USD/JPY advanced initially,
drawing support from positive news re: Brexit & Sino-U.S. trade relations, as
well as a firmer Nikkei 225. The rate then posted a leg lower, as UK AG Cox
published his opinion re: EU assurances before erasing losses around the WMR
fix.
- USD/JPY bears look for a break below the 21-DMA at Y111.08 before challenging
the cloud Kijun Sen at Y110.85. Conversely, bulls target the 100-DMA & Mar 1 low
at Y111.33, ahead of Y111.40, which represents the cloud Tenkan Sen.
- The BoJ will buy 5-25+ Year JGBs today, before it delivers its MonPol decision
on Friday.
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