Tokyo fix supply pressured overnight.....>

DOLLAR-YEN: Tokyo fix supply pressured overnight as the pair failed to clear the

200-dma (Y110.21). The break back under Y110.00 triggered renewed momentum,

before basing around the Y109.75/80 area. On the downside expect support on

approach to Y109.50, opening Y109.44/37 (Rising trend sppt Mar26/Jun26 low). A

clear and hold above the 200-dma is required for the next leg higher. US data on

the calendar today from Wholesale Inventories, Durable goods and Pending Home

Sales. Speeches again dominate, the first is at 1500GMT by Federal Reserve Vice

Chairman Randal Quarles speaking in Idaho. Next up at 1615GMT is Boston Federal

Reserve Bank President Eric Rosengren speaking on Ethics and Economics in

Boston. In the evening at 1900GMT is BOC Governor Stephen Poloz speaking in

Victoria, Canada.

Option-expiries - Y109.00($1.25bn), Y109.20-30($1.43bln), Y109.60 ($1.01bln),

Y110.00($1.27bln), Y111.00($580mn). USDJPY last Y109.86.