USD/JPY holds steady at Y108.61. Japan...>

DOLLAR-YEN: USD/JPY holds steady at Y108.61. Japan observes a public holiday for

the celebration of Emperor Naruhito's enthronement.

- The ceremony will attract representatives from some 180 countries, some of

whom will use the opportunity to speak with Japanese officials. A meeting

between South Korean PM Lee and Japanese PM Abe, scheduled for Thursday, will

mark the first high-level bilateral talks since the ongoing spat burst out.

- The pair has eased off its recent multi-month high over the last few sessions

before modestly rebounding yesterday. Bulls look for a push above the

aforementioned Oct 17 high of Y108.94, towards the 200-DMA at Y109.08. Bears

target the Oct 15 trough at Y108.16. A break below would open the 38.2%

retracement of this month's rally, which aligns with the Y108.00 round figure.

- Yesterday's move higher was driven by positive risk backdrop, amid signals

that the U.S. & China might strike an initial trade deal in Nov, while a no-deal

Brexit scenario may be averted. A softer USD dragged the rate from highs in the

London morning, but it managed to recover through the WMR fix.

- The local docket features flash Jibun Bank m'fing PMI, due on Thursday.