USD/JPY little changed at Y106.54 in.....>

DOLLAR-YEN: USD/JPY little changed at Y106.54 in early Asia trade.

- Thursday's uptick in risk appetite came on the back of the Chinese Ministry of

Commerce's weekly presser, which many took as a signal that China will not

retaliate to the latest round of tariffs outlined by the U.S., but there was

also a focus on the need for the U.S. to remove tariffs during the address.

Nonetheless, the headlines allowed the rate to kick higher, breaking above

Y106.00 in early London trade, holding above the level for the remainder of the

session, & registering the best levels of the week in the process. Y106.74 is

now well within range as the next upside target & a climb through here opens

Y106.98, followed by the 50-dma. Downside momentum is likely to remain erratic

going forward, but some bearish conditions remain in place. The recent failure

ahead of Y107.00 continues to weigh. Bears look for a break of Y104.46.

- The usual Japanese month-end data dump headlines the local docket, with the

labour mkt report, Tokyo CPI, retail sales & industrial profits all due.

Elsewhere, the BoJ will conduct 1-10 Year Rinban ops with growing speculation

re: the possibility for an adjustment to the size of its 5-10 Year purchases