-YEN: NZD/JPY has added 27 pips and changes....>

KIWI: -YEN: NZD/JPY has added 27 pips and changes hands at Y65.71 as we type,

with both sides of the pair moving towards opposite ends of the G10 scoreboard.

A recovery in U.S. equity index futures has applied pressure to JPY, while the

kiwi has blipped higher as BBG has interviewed RBNZ Governor Orr. The off'l said

that the RBNZ doesn't want to bring the OCR into negative territory, but is

prepared to do so "a lot later". See an earlier RBNZ bullet for more colour.

- A move above Apr 30/10 highs of Y66.11/16 would be a breakout from the pair's

recent trading band, putting bulls in the driving seat. It would turn focus to

Mar 11 high of Y66.63. On the downside, a dip below the 50-DMA at Y64.61 would

expose May 18 low of Y63.43.