There has been little in the way of......>

DOLLAR-YEN: There has been little in the way of catalysts to stir USD/JPY in

early Asia-Pacific dealing. The rate last deals at Y111.25. 

- The BOJ left the size of its Rinban operations covering the 10-25+Year buckets

unchanged, while the opening remarks from BOJ's Suzuki offered little new,

highlighting the need to monitor the cumulative effects of ultra-loose MonPol.

- From a technical perspective medium-term bullish momentum remains in place,

with the failure to convincingly break below Y111.00 confirming the upward

trend. Nonetheless, Tuesday's price action did little to reinforce the bullish

case, suggesting progress could be slow. A convincing break above Y111.50 will

be required to change that and a break above would target the Aug 01 peak at

(Y112.15). Bears will need a close below Y111.00 to shift the outlook back to

neutral and below the 200-DMA (Y109.83) to return the focus toward the May 29

low (Y108.11).