USD/JPY trades flat at Y109.68 ahead.....>

DOLLAR-YEN: USD/JPY trades flat at Y109.68 ahead of the Japanese equity open. 

- The rate closed 11 pips lower Monday as global trade worries aided the yen.

JPY remained relatively robust throughout the day, with an in line Chinese GDP

data having little effect on the JPY. 

- Worth mentioning the IMF report released Monday saw the Fund's 2019 Japanese

growth outlook upgraded to 1.1% from 0.9% . 

- Initial bullish attention is drawn by yesterday's high of Y109.77 and a break

above would shift focus to the Dec 25 low (now resistance) Y110.00, which has

remained intact this year. Meanwhile, bears need a move through yesterday's low

of Y109.48 before challenging the Jan 18 low of Y109.06. 

- The BoJ is set to stay on hold when it delivers its MonPol decision Weds, but

the Bank's quarterly outlook report, and the CPI projections therein, are likely

to draw attention. Key econ releases this week include trade balance due Weds,

Nikkei m'fing PMI due Thurs & Tokyo CPI due Fri, while usual BoJ Rinban ops will

also attract interest.