USD/JPY last trades at Y109.57, almost...>

DOLLAR-YEN: USD/JPY last trades at Y109.57, almost unchanged on the day, after

adding 21 pips on Wednesday. 

- The rate slid into Europe yesterday, as risk aversion was apparent on the back

of U.S.-China trade tensions & underperforming global equity markets, with

e-mini S&P futures breaking below 2,800. However, post-WMR fix brought renewed

dollar demand, dragging the rate firmly into positive territory.

- Bulls look for the topside breach of Y109.70, which limited losses yesterday

and on May 15. This would encourage them to target the 21-DMA at Y109.99.

Conversely, a fall below May 15/14 lows of Y109.16/15 would shift bearish focus

to May 13 multi-month low of Y109.02.

- Tomorrow will see a batch of Japanese econ releases, including industrial

production (f), unemployment, retail sales & Tokyo CPI.