USD/JPY trades flat at Y108.66...........>

DOLLAR-YEN: USD/JPY trades flat at Y108.66. Japanese retail sales hit later

today, with MNI projections pointing to a slowdown to +0.1% Y/Y from +1.3%.

- The rate eked out some gains on Friday after fluctuating within a 27 pip range

through the day. Advance GDP numbers out of the U.S. triggered a spike to

Y108.83, the intraday high, but these gains were promptly wiped out. Another

bout of USD strength came about as White House adviser Kudlow ruled out any

currency intervention, but resultant rally was also rather short-lived. The rate

then ticked lower late doors, as U.S. Pres Trump confused participants stating

that "he didn't say he's not going to do something on the dollar."

- Bulls look for a break above the Jun 11 high of Y108.80 before looking to a

jump onto the Y109.00 handle. The fact that the rate ran out of fuel just shy of

Y109.00 on Jul 10 & that the upper Bollinger band (2%) is located just above add

importance to this round figure. Bears need a fall through the 50-DMA at Y108.39

towards the trendline support at Y108.23.

- Japanese docket this week is headlined by the BoJ MonPol decision, expected

tomorrow, alongside industrial output & unemployment.