The JPY was the outperformer.............>

DOLLAR-YEN: The JPY was the outperformer overnight, as the yen continued to

garner strength on the back of Friday's source report re: BOJ policy

adjustments, although BOJ Gov. Kuroda used a weekend address to note that he

knows nothing re: the basis of the reports.

- The JPY crosses experienced a brief relief rally as the BOJ announced its

first fixed rate JGB buying operation (covering 10-Year JGBs) since February,

before the JPY continued its move higher.

- USD/JPY now trades below the daily bull channel base off of the March lows

(Y111.04), last Y110.90. The 21-DMA (Y111.24) will likely act as the initial

point of resistance on any move higher, while hourly support from July 11/the

overnight low (Y110.75) provides the first point of interest to the downside

followed by the 55-DMA (Y110.42).

- JPY traders will focus on the BOJ's Rinban operations this week, in the lead

up to next week's BOJ MonPol decision.