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USD/JPY last seen at Y107.80, barely.....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY last seen at Y107.80, barely changed on the day. Japanese
household spending data is due at the bottom of the hour.
- The rate rests upon a trendline support and a clean break here would allow
bears to set their sights on the cloud Tenkan Sen/Jun 27 low at Y107.66/65.
Bulls would be pleased with a breach of the 21-DMA, located at the Y108.00 mark.
- USD/JPY stuck to a particularly tight range yesterday, finishing virtually
unchanged, as it struggled for clear direction amid thin liquidity.
- Political campaigning kicked off on Thursday with Japanese citizens set to
head to the polls on July 21 to elect members of the upper house of parliament.
- South Korean Econ&Fin Min Hong said that Seoul will consider retaliatory
measures against Japanese export controls, which took effect yesterday.
Meanwhile, Japanese PM Abe said that it is up to South Korea to resolve the
trade spat originating from a stand-off over historical matters.
- Japanese highlights next week include BoP data (p), core machine orders & eco
watchers survey due Monday, PPI due Wednesday and industrial output (f) due
Friday. BoJ Gov Kuroda is set to speak on Monday.

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