*Aug22 Dollar-yen open Y108.98, range...>

YEN SUMMARY: *Aug22 Dollar-yen open Y108.98, range Y108.89 to Y109.34

*Dollar-yen opened in Asia toward the lower side of yesterday's Y108.64 to

Y109.42 range, where softer US rate yields placed the dollar on the defensive

*Tokyo names were reportedly the predominant buyers under Y109.00 taking the

dollar to Y109.20. The gossip on the street was that the BoJ will be purchasing

good size exchange-traded funds (ETF's) today.

*Dip were shallow and limited to Y109.08. Firmer US rate yields encouraged

further dollar demand, the rate pushed higher from around Y109.10 to Y109.34

*Consolidation then took hold, the dollar largely traded in the mid to high

Y109.20's

*Option expiries for today include; Y108.50($1.06bn), Y109.00($798mn) and

Y110.00-10($1.16bn)

*Initial resistance lies at Y109.42 (Aug21 high), with supply reported above

between Y109.50-60 from Japanese exporters and option accounts, while hourly

support is found at Y108.89-90.