USD/JPY last sits at Y111.44, a touch....>

DOLLAR-YEN: USD/JPY last sits at Y111.44, a touch higher on the day, as the yen

modestly underperforms its G10 peers. With the rate nearing its 200-DMA at

Y111.51, a break above would open up the 21-DMA & 200-HMA, both coming in at

Y111.70. Below the 50-DMA at Y111.37 would expose yesterday's low of Y111.05.

- The rate advanced through yesterday's Asia-Pac session, topping out at Y111.55

before declining in the London/NY hours, with a ~20 pip leg lower noted upon the

release of softer than exp. U.S. ISM manufacturing data.

- The rate gyrated within a 17 pip range before easing to Y111.05 as the latest

FOMC MonPol meeting concluded with a 5bp cut to the IOER. However, subsequent

presser with Fed Chair Powell briefly sent the rate above Y111.60, as Powell

downplayed a slowdown in inflation and the aforementioned IOER adjustment,

calling the latter technical rather than policy based. Powell also reiterated

the central bank's neutral stance and said that downside risks have moderated.

- A modest pullback from highs towards the close allowed the rate to finish 4

pips worse off.

- As a reminder, Japanese markets remain closed until May 7.