USD/JPY trades at Y113.95 at writing,....>

DOLLAR-YEN: USD/JPY trades at Y113.95 at writing, edging ~10 pips higher on the

day as news from China re: U.S. trade matters alleviated the early risk off

flows in the pair 

- The rate moved lower initially as yesterday's broader risk off theme has

extended into early Asia-Pac dealing with the Nikkei 225 down >3% at one point. 

- However, reports of Chinese official intervention in USD/CNY limited risk off

flows, setting the scene for a deeper shift in sentiment in the FX space, before

a SCMP story claiming that China's top trade envoy is heading to the U.S. to

pave the way for a presidential summit allowed the rate to move higher. This

fresh pressure on the Japanese safe haven currency sent it to the bottom of the

G10 table, in spite of a heavy session for Japanese stocks. 

- Bulls seek to retake the key Y114.00 level, as the rate continues to test it,

but fails to consolidate above. Conversely, bears eye yesterday's low/Nov 9 low

at Y113.65/64 before challenging the Nov 8 lows of Y113.48. 

- Points of note this week include Japanese GDP due Wednesday & BoJ Rinban

operations.