JPY underperformed overnight, pressured by......>

YEN: JPY underperformed overnight, pressured by broader risk-on flows and

Chinese fiscal stimulus. Yen crosses are hitting session highs at writing, with

sources highlighting GBP/JPY demand out of Tokyo as we head towards European

trade. 

- GBP/JPY last deals at Y140.35, more than 120 pips higher on the day, with

sterling sitting atop the G10 pile ahead of the meaningful vote re: PM May's

Brexit deal. Initial resistance noted at the Dec 31 high of Y140.88, ahead of

the psychological Y141.00 level. A break above would allow bulls to attempt a

run at the 50-DMA at Y142.66. Conversely, bears eye the 21-DMA at Y139.53,

followed by yesterday's low of Y138.61. 

- AUD/JPY advanced 59 pips overnight and last sits at Y78.42. Bulls look for a

break above Y78.92, representing the 61.8% retracement of the move from Y84.02

to Y70.64, which would open up the Y79.00 figure. 

- USD/JPY last trades at Y108.72, although the greenback also struggles. The

pair breached yesterday's high of Y108.60 and bulls now focus on Y109.00, and a

jump above would suggest a bullish reversal is in play.