USD/JPY has stuck to 20 pip range in.....>

DOLLAR-YEN: USD/JPY has stuck to 20 pip range in early Asia-Pacific trade, and

last deals unchanged at ~Y111.85. This comes after USD/JPY extended its

BOJ-triggered rally through the U.S. trading session on Tuesday, buoyed by

stronger global equity markets, and prompted JPY shorts to re-focus on the

recent Y113.17 high.

- The pair gained some brief respite in early Asia-Pacific trade as source

reports suggested that the U.S. is considering levying a 25% tariff on $200bn

worth of Chinese goods, up from the prior 10%, although the sources attributed

did concede that the touted higher tariffs may not come to pass. This saw the

cross pint a low of Y111.71, before the move back to unchanged levels.

- Nearer term, Tuesday's high (Y111.96) provides initial resistance, followed by

the 61.8% retracement of the move from Y113.17 to Y110.59 (Y112.18). Initial

support is located at Tuesday's hourly low (Y111.07).