USD/JPY is little changed, last sits.....>

DOLLAR-YEN: USD/JPY is little changed, last sits at Y107.56, but broader

defensive feel sees both sides of the pair gain vs. commodity-tied G10 FX (save

for NOK). U.S. equity index futures have started on a softer note, suggesting

that Friday's risk rally has ran out of fuel.

- Japan's coronavirus case count topped 10,000 over the weekend. As a reminder,

last week Japan has moved into a nationwide state of emergency.

- From a technical perspective, Apr 15/1 lows of Y106.93/92 provide the initial

bearish target. A break here would expose the 50% retracement of the Mar 9 - 24

rally at Y106.45. Bulls need gains through Apr 6 high of Y109.38 to reinstate

the bullish theme.

- The key data releases in Japan this week are trade balance (today), final

machine tool orders (Tuesday), flash Jibun Bank PMIs (Thursday) & CPI (Friday).