USD/JPY has slipped already, last........>

DOLLAR-YEN: USD/JPY has slipped already, last trades -7 pips at Y108.63. A

modicum of selling pressure emerged as U.S. equity futures re-opened slightly on

the back foot.

- The rate crept higher Monday as the combination of China's policy measures and

above-forecast U.S. data provided support. China took steps to stabilise

domestic market rout as it returned from LNY holidays to face the coronavirus

crisis. Meanwhile, U.S. Markit M'fing PMI & ISM M'fing both topped expectations.

- As a result, USD/JPY returned above its 200-DMA & briefly showed north of the

100-DMA. Bulls look for the resumption of topside momentum & a lift through that

100-DMA, which today intersects at Y108.77. Above would open up the Jan 31

high/50-DMA at Y109.14/20. Bears need a break below the 200-DMA at Y108.41

before they can challenge the Jan 31 low, located a further 10 pips below.

- The focus turns to speeches from BoJ's Wakatabe (Wednesday) and Masai

(Thursday), as well as Friday's earnings data.