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JGB TECHS

(Z1) Corrective Bounce

PBOC

VIEW: Goldman Sachs: RRR Cut In Q4 Less Likely

US EURODLR FUTURES

Pressured Early

DOLLAR-YEN
DOLLAR-YEN: USD firmed across the board overnight with the DXY comfortably
holding above 94. This theme spilled over into Europe, USDJPY briefly touched
Y110.00 before meeting resistance from Japanese names. Key tech resistance
remains at Y110.21 from the 200-dma, a close above is needed for the next leg
higher to challenge Y110.61/62 (May18 low/76.4% Y111.40-108.11). Support at
Y109.82/77 (100-wma, Asia low). USDJPY last Y109.89. Main data highlights in the
US today from ISM non-mfg at 1400GMT, the index is expected to rise to a reading
of 57.7 in May from 56.8 in April. The Philadelphia nonmanufacturing index rose
to 45.3, while the flash Markit Services index rose to 55.7.
Option-expiries: Y108.88-90($580mn), Y109.25($305mn), Y109.40-45($710mn).