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*Aug1 Dollar-yen open Y110.26, range....>

YEN SUMMARY
YEN SUMMARY: *Aug1 Dollar-yen open Y110.26, range Y110.01 to Y110.42
*Dollar-yen opened in Asia at the low side of yesterday's Y110.22 to Y110.77
range, where broad-based dollar weakness was the theme
*Initially edging lower to Y110.21 demand surfaced to see the dollar climb to
Y110.41. Supply into today's Tokyo-fix pushed the dollar down to Y110.25.
*Post-fix, the dollar recovered to Y110.44 before meeting macro supply
*A break below Y110.20 pushed the dollar down to Y110.01 with macro name again
selling. For now, Y110.00 barrier remain intact, traders noting, a break of
Y110.00 will leave the option market short gamma, meaning they will have to sell
more that should increase momentum to the downside
*Dollar recovered to Y110.16 and heading toward the opening of European markets
remains heavy at Y110.10.

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