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USD/JPY dropped 12 pips overnight and....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY dropped 12 pips overnight and last trades at Y109.27, with
price action mostly driven by broader USD weakness. The Nikkei 225 stayed in the
red overnight, while U.S. equity futures moved higher in the wake of Apple's
earnings report. 
- Bears look for a breach of Y109.06, where the rate bottomed on Jan 18, before
shifting focus to the 21-DMA at Y108.97. Conversely, bulls keep an eye on
yesterday's high of Y109.54 and a break above would give them the green light
for challenging Y109.71, which represents the 50% fibo retracement of the move
from Y114.55 to Y104.87. 
- Japanese focus falls on industrial output due Thursday & labour mkt data due
Friday. Elsewhere, BoJ Dep Gov Amamiya is due to speak Thursday, while the BoJ
summary of opinions from its Jan MonPol meeting comes out on the same day.
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