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JPY slightly on the back foot in early...>

DOLLAR-YEN
DOLLAR-YEN: JPY slightly on the back foot in early Asia-Pac trade, with USD/JPY
sitting 8 pips better off at Y108.17. Bulls need a breach of yesterday's high of
Y108.19. Above would open the YtD mid-point at Y108.43. Bears look for a retreat
below Y108.00 before targeting Y107.49, the 38.2% retracement of the YtD range.
- Yesterday's choppy session allowed USD/JPY to close above Y108.00. The rate
hasn't traded on the Y108.00 handle since its impressive rout on Aug 1. Demand
in Asia-Pac hours was inspired by the U.S. decision to delay the next round of
tariffs on China by two weeks, followed by a BBG report suggesting that China
may resume purchases of agricultural products from the U.S.
- The pair eased off ahead of Europe amid suggested Tokyo option expiry at
Y108.00 before sliding further. This was before the latest ECB MonPol decision,
which saw Mario Draghi announce the deployment of several easing measures.
USD/JPY extended losses to Y107.52 before bouncing as investors turned focus to
various caveats, including reported fractures within the ECB Governing Board.
- Conflicting reports on whether the U.S. wants to strike an interim trade deal
w/China injected more volatility, but the general buying spell remained.
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