USD/JPY last trades flat at Y111.51,.....>

DOLLAR-YEN: USD/JPY last trades flat at Y111.51, which represents its its

100-HMA & 200-DMA. Japanese markets remain shut for the Golden Week holidays.

- The yen finished yesterday's Asia-Pac session at the bottom of the G10 pile,

as talk of Washington & Beijing nearing a trade deal triggered a modest risk-on

feel, with liquidity capped by holiday market closures in Japan & China.

- USD/JPY eased off highs into the European session, as risk sentiment faded,

and continued to trade within a 12 pip range either side of Y111.50 pre-WMR fix.

Worth noting $1.21bn worth of options with strikes at Y111.50-55 expired at

yesterday's 1000ET NY cut.

- A piece by China's Global Times suggesting that Washington and Beijing may

"have hit an impasse in the tough [trade] talks" put a bid into safe haven

currencies, dragging USD/JPY to Y111.37, before it recovered into the close,

finishing 13 pips better off.

- A break above the 21-DMA would allow bulls to set their sights on Y112.00

again, while a downside breach of yesterday's NY low, which also represents the

50-DMA, would open up the cloud Kijun Sen at Y111.21.