USD/JPY last sits at Y111.94, 10 pips....>

DOLLAR-YEN: USD/JPY last sits at Y111.94, 10 pips lower on the day, as the

Nikkei 225 futures are pointing to a lower open.

- Yesterday saw several failed attempts by the rate to approach its Mar 5 YTD

high of Y112.14. A jump to intraday high of Y112.10 at yesterday's Tokyo equity

open, owing to a strong start for the Nikkei 225, was followed by a pullback

into negative territory. Subsequent jump to Y112.08 on the back of strong U.S.

Empire m'fing helped the pair erase losses and finish barely changed, but the

YTD high remained intact.

- Japanese Trade Min Motegi is visiting Washington D.C. for trade talks and met

with U.S. TR Lighthizer earlier today. He also noted that respective FinMins

from both countries already have an agreement on FX.

- Initial support noted at Friday's low of Y111.59, just one pip above the

100-HMA. Meanwhile, bulls need to clear Y112.00 to bring the aforementioned YTD

high into play.

- Japanese industrial output and trade balance come out tomorrow, ahead of

national CPI data, due Friday.