USD/JPY is steady at Y109.51. The........>

DOLLAR-YEN: USD/JPY is steady at Y109.51. The initial bullish target is provided

by the May 24/May 14 highs of Y109.75/77. Above these figures would encourage

bulls to set their sights on the psychological Y110.00 level. Bears focus on

Y109.28/27, which registered lows yesterday and on Friday, ahead of the May 13

multi-month low of Y109.02.

- The pair added 20 pips Monday, as marginally firmer risk appetite weighed on

JPY. The yen might have been slightly pressured by the positive perception of

the U.S.-Japan trade situation, stemming from U.S. President Trump's comments.

- Even as Trump's visit to Tokyo failed to produce any trade pact with Japan,

speaking ahead of the key talks with Japanese PM Abe, Trump pointed to August as

a likely date of announcing an agreement. Worth noting, however, that Japanese

cabinet off'l Nishimura later poured cold water on these declarations, stating

that there had been "no agreement" on concluding a deal by August.

- This week's key data releases in Japan are scheduled for Friday, with

industrial production (f), unemployment, retail sales & Tokyo CPI all due. BoJ

Gov Kuroda speaks on Wednesday.