USD/JPY last trades at Y109.36, barely...>

DOLLAR-YEN: USD/JPY last trades at Y109.36, barely changed on the day, ahead of

the Tokyo equity open, with the Nikkei 225 poised to start on the back foot.

This comes after the rate fell 30 pips Tuesday, as the yen drew support from

risk-off flows triggered by renewed worries re: global trade and geopolitical

tensions. 

- Initial support is located at Y109.15, where the pair bottomed Tuesday, and a

move through that level would open up the Jan18 low of Y109.06. Meanwhile, bulls

eye yesterday's high of Y109.70, followed by the psychological Y110.00 level,

which also represents the Dec25 low (now resistance) 

- The BoJ will deliver its MonPol decision later today. Although no policy

change is expected, focus will fall on the Bank's quarterly outlook report, and

the CPI projections therein, with most expecting the Bank to mark down its

inflation outlook.