Modestly firmer risk appetite in early Asian....>

YEN: Modestly firmer risk appetite in early Asian dealing saw the JPY on the

back foot as USDJPY posted highs of 107.13, EURJPY touched 131.91 & AUDJPY

topped out at 84.12. The JPY has since recovered from worst levels & regained

the 106 handle in the USDJPY cross, moving to session lows as we headed in to

the Tokyo fix.

- From a technical perspective the picture remains much the same as late last

week, in that the recovery from Y105.50 stalled ahead of Y108.03-42 and that

retains focus on the Y105.50 support. Bears continue to look for a close below

Y105.50 to reconfirm focus on Y98.95-101.16. The Y108.03-42 resistance region

remains key. Bulls need a close above Y108.42 to confirm a break of the 21-DMA

and bear channel top, hinting at a correction to Y110.47 and above Y109.78 to

confirm. Correcting O/S daily studies remain a concern for bears.