USD/JPY is back to near opening levels...>

DOLLAR-YEN: USD/JPY is back to near opening levels and last sits at Y109.95

after round tripping from session lows of Y109.73. The yen outperformed in the

first half of the session, aided by underperforming Japanese equities, before

JPY strength faded in the Asian afternoon, with little in the way of catalysts

apparent. 

- Bears look for a fall through the 100-HMA at Y109.75 before targeting Y109.56,

which represents the 50% fibo retracement of the move from Y104.56-Y114.55.

Meanwhile, bulls remain focused on the key Y110.00 level, ahead of Y110.03,

which capped gains overnight & coincides with $1.64bn worth of options

(Y110.00-05) due to roll off at today's 10am NY cut. The next layer of

resistance above is provided by the the YTD high of Y110.16. 

- Japanese BoP data & BoJ 1-10 Year Rinban ops will provide some interest

tomorrow.