USD/JPY has slipped a handful of pips....>

DOLLAR-YEN: USD/JPY has slipped a handful of pips and last deals at Y108.64

after closing 21 pips higher Monday. The pair moved lower in yesterday's

Asia-Pac trade on the back of broader USD weakness and shrinking risk appetite,

as equities/equity futures gradually ebbed off of their Aisa highs. However,

USD/JPY pared losses thereafter as the yen overtook the greenback as the worst

performer among G10 currencies, on the back of the uptick observed on Wall St

during cash trade. Worth mentioning the Nikkei 225 is poised to open higher,

while U.S. equity futures are also in the green. 

- Yesterday's low of Y108.02 provides initial support level and a fall below

would open up the Jan 4 low of Y107.52. Conversely, bulls need to jump back

above yesterday's peak at Y108.78 before targeting Y108.92, which represents the

Jan 3 high & the 61.8% fibo retracement of the move from Y111.41 to Y104.87. 

- Japanese focus this week falls on trade balance (BoP basis) due Friday, as

well as the usual Rinban ops, while the speakers slate is virtually empty.