USD/JPY oscillated within a 27 pip.......>

DOLLAR-YEN: USD/JPY oscillated within a 27 pip range overnight, tracking swings

in broader risk sentiment. The rate eased to it session low of Y109.48 after the

U.S. proposed to impose counterveillance duties on countries deemed to be

currency manipulators. A degree of yen weakness emerged into the Tokyo fix, but

after topping out at Y109.75, the rate ebbed off of best levels. 

- USD/JPY last seen at Y109.57, 4 pips lower. The initial bearish target is

provided by Y109.46-48, which registered lows on May 9, 10, 21 and today. Bulls

look to Y110.31-36, which hosts yesterday's high, the 38.2% retracement of the

move from Y112.40 to Y109.02 & the uptrend support-turned-resistance. 

- The rate ignored the release of Japanese CPI figures, all of which met

expectations, but fell well short of the BoJ's target. 

- U.S. Pres Trump makes a trip to Japan this weekend, but BBG sources suggested

that the visit in unlikely to yield a trade agreement. Nonetheless, Monday's

joint presser from Pres Trump & Japanese PM Abe will provide some interest. 

- Japanese highlights next week include industrial production (f), unemployment,

retail sales & Tokyo CPI, due Friday, while BoJ Gov Kuroda speaks on Wednesday.