The yen has started the day on the.......>

DOLLAR-YEN: The yen has started the day on the front foot, as reports re:

Sino-U.S. trade standoff from over the weekend have filtered through. USD/JPY

last trades at Y109.74, 20 pips worse off. Bulls look to the 100-HMA/Friday's

peak at Y110.04/05, with bears targeting Friday's/Thursday's lows of Y109.48/47.

- Sino-U.S. trade tensions drove price action in Friday's Asia-Pac trade, as the

key tariff deadline loomed large. USD/JPY advanced initially, as Fox reported

that U.S. Trump, Mnuchin & Lighthizer discussed trade progress, albeit the

original tweet didn't unambiguously point to genuine progress.

- The rate pared gains into the London morning, as Sino-U.S. trade talks brought

no breakthrough and the U.S. raised its tariffs on China. A recovery attempt

failed to bring Y110.00 into play and the pair faded into the London fix.

- Post-WMR fix saw a rally from the intraday low of Y109.48, as the Global Times

reported that Washington & Beijing will continue talks, which was later

confirmed by U.S. Pres Trump. This prompted the rate to finish 21 pips higher.

- Japanese highlights this week include domestic BoP C/a balance due Tuesday,

money stock data due Wednesday & PPI due Thursday.