The JPY witnessed modest gains across....>

DOLLAR-YEN: The JPY witnessed modest gains across the board overnight which took

USDJPY under Y111.00 to extended pullback lows of Y110.84. The BoJ Governor and

Deputy Governor were also on the wires but offered nothing new, Kuroda

reiterating that they are on the right path. Consolidation largely remained the

theme with the pair trading either side of Y110.90 for the balance of the

session. Yesterday's low at Y110.75 provides near-term support, a break opens

Y110.61/56 (May18 low/Hourly low May17). Resistance at Y111.34/40 (1.0% envelope

10-dma, May21 high). 

Option-expiries: Y109.00($2.48bn), Y109.65($500mn), Y110.00($831mn),

Y110.25-30($1.35bn), Y111.00($601mn).