USD/JPY slid before finding resistance...>

DOLLAR-YEN: USD/JPY slid before finding resistance around Y107.55 and

consolidating within Y107.55-65. The rate last trades at Y107.62, 26 pips lower.

- The yen benefited from risk-off flows amid worries re: global growth & a

decline in the Nikkei 225. Its gains vs. the greenback were extended on the back

of the latest tweaks to the BoJ's Rinban ops aimed at steepening the curve.

- BoJ's Funo spoke overnight, stating it is highly possible that the BOJ will

maintain the current low interest rates beyond spring 2020. For an MNI POLICY

piece summarising the speech see MNI Main wire at 03:50 BST 07/03.

- On the technical front, following a dip through the 200-HMA at Y107.70 bears

look for a clean break of the Jun 28/4 lows of Y107.56/52 before attempting a

move at the lower Bollinger band (2%) at Y107.07. Bulls need to retake the

200-HMA before setting their sights on the key trendline drawn off the Apr 24

high, which kicks in today at Y107.97.

- Worth paying attention to both of the nearest round figures as $2.52bn worth

of options with strikes at Y107.00 and $2.30bn worth of options with strikes at

Y108.00 expire at today's 10:00ET NY cut.