The JPY has posted modest gains vs. USD, EUR....>

YEN: The JPY has posted modest gains vs. USD, EUR & AUD in the early part of the

Asia-Pacific session. USDJPY trades 15 pips lower at 110.90, while EURJPY has

shed ~25 pips to trade at 130.70. Gains against the AUD have been a little more

modest.

- Headlines from BoJ Gov. Kuroda have revealed little new, as he suggested that

the BoJ is on the right path, while noting that we shouldn't expect the average

duration of the BoJ's JGB holdings to change by much.

- BoJ Deputy Wakatabe is due to appear in parliament in 15 minutes or so.

- USDJPY bulls' confidence would have been supported by closes above the 55-WMA

(110.44), which ensures that their focus remains on 111.49-98. Bears still need

a close below the May 02 High (110.02) to gain breathing room.

- EURJPY bears take comfort in the failure around 21 & 55-DMAs last week (131.06

& 131.25 today. While the May 14 high (131.37) caps bears initially focus on

2018 lows (128.94).