USD/JPY tumbled 56 pips overnight, as....>

DOLLAR-YEN: USD/JPY tumbled 56 pips overnight, as the yen drew support from a

move lower in the Nikkei 225, which finished 2.0% lower, with other major

regional stock indices and U.S. equity futures also declining overnight. Rate

last trades at Y111.02.

- No immediate reaction was noted upon the upward revision of Japanese Q4 GDP,

both on a quarterly and annualised basis, while topping exp. Japanese c/a

balance and narrower than exp. trade deficit were also ignored. However, the

aforementioned data releases might have provided a degree of JPY support, on top

of the risk-off flows.

- A slip through the Y111.00 figure would allow bears to target the 21-DMA at

Y110.95, ahead of the 100-WMA at Y111.82. On the topside, initial attention is

drawn to the cloud Tenkan Sen at Y111.25. A move through that level would bring

the Y111.36, which represents the 100-DMA, into play.

- The Japanese economic docket next week is headlined by the BoJ MonPol decision

due Friday. Elsewhere, focus turns to domestic PPI, core machine orders and BoJ

5-25+ Rinban ops, all due Wednesday.