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USD/JPY pulls back from early lows,......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY pulls back from early lows, trades 9 pips lower at Y106.19.
- The rate declined in yesterday's Asia-Pac session, amid speculation
surrounding the CNY fix & deeper than expected policy easing from three regional
central banks, spearheaded by the RBNZ. Some losses were pared into Europe, but
the uptick held shallow, and was followed by another bout of USD/JPY selling.
The SCMP story stating that U.S.-China Sep trade talks will likely take place
provided some very brief reprieve, but the rate promptly extended losses to a
new intraday low. Late doors saw recovery in sync with a rally in S&P500 back
into positive territory, but USD/JPY closed 20 pips worse off nonetheless.
- Bears eye the lower Bollinger band (2%) at Y105.81. Below opens yesterday's
cycle low of Y105.50. Bulls target Y106.65, the 76.4% retracement of YtD range.
- Nikkei reported that Japan will approve some exports of semiconductor
materials to S. Korea. Yomiuri said that permissions for shipping resist
polymers to Samsung may be issued as soon as today.
- Japanese BoP data and Eco Watchers Survey are due later today, with
preliminary Q2 GDP coming up tomorrow.

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