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USD/JPY trades flat at Y109.34 after.....>

DOLLAR-YEN: USD/JPY trades flat at Y109.34 after round tripping from session
lows of Y109.13. 
- Early Asia-Pac dealing saw JPY draw support from underperforming equities &
risk-off flows triggered by a WSJ story mentioning that the U.S. & China remain
divided over some key issues ahead of top-level trade talks Weds. However, yen
strength waned on the back of the recovery in the Nikkei 225, which moved into
positive territory ahead of the close, alongside a recovery in Chinese stocks. 
- Bears keep an eye on the Jan 18 low of Y109.06 and a fall through that level &
the Y109.00 figure would allow them to challenge the 21-DMA at Y108.99.
Conversely, bulls target Y109.60, where the pair peaked yesterday, before
attempting a move at the Jan 23 YTD high of Y110.00. 
- Japanese focus this week turns to retail sales due Weds, industrial output due
Thurs, labour mkt data due Fri. The BoJ will conduct its Rinban ops tomorrow &
announce its plan for Feb Rinban ops. Elsewhere, BoJ Dep Gov Amamiya & BoJ Dep
Gov Nakaso will speak Thursday, while the BoJ summary of opinions from its Jan
MonPol meeting comes out on the same day.

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