USD/JPY trades 20 pips or so higher at...>

DOLLAR-YEN: USD/JPY trades 20 pips or so higher at Y112.56 at writing, ticking

higher on a marginal risk-on start to Asia-Pacific trade.

- Monday's early risk off flows abated in early European dealing, resulting in

the pair topping out at Y112.56 in NY dealing. The latest China-U.S. trade

worries, stemming from BBG headlines, briefly tempered gains, although some

White House rebuttal re: knowledge of the measures outlined by BBG in the piece,

allowed the rate to bottom at ~Y112.20 on the pullback from high, with the

ensuing uptick setting the tone into Asia-Pacific trade.

- From a technical perspective, USD/JPY managed to break back above

support-turned-resistance on Monday, marking the uptrend from the March lows,

which returns the focus to the upside and the 21-DMA at Y112.70. Above here

would open the Oct highs above Y114.00. Bears look for a close under Y112.00 to

regain control.

- Focus this week turns to the BOJ's latest MonPol decision, with industrial

production and labour market data also due, in addition to Rinban operations.