Consolidation largely remained the.......>

DOLLAR-YEN: Consolidation largely remained the theme overnight as traders

reported of continued light volumes. Usd/Jpy initially pressured via the Nikkei,

touched Y106.70 but with lack of follow through was quick to pare losses.

Recovery efforts extended to Y106.97 and holds firm into Europe. Resistance

remains at Y107.17/26 (Ichimoku cloud base/Apr11 high). Reported bids out of

Tokyo are placed through Y106.50/40. Quiet on the US calendar today with main

highlights from Weekly Jobless Claims and Import/Export data. The level of

initial jobless claims is expected to fall by 12,000 to 230,000 in the April 7

week after a 24,000 increase in the previous week. The March imports price index

is expected to drop 3 pp from 0.4% growth previously to 0.1%. Whilst the prior

February exports price index came in at 0.2%.

- Option-expiries: Y105.00($1.22bn), Y105.75-80($665mn), Y106.00($1.24bn),

Y106.50-55($770mn), Y107.00($813mn), Y107.20($563mn), Y107.50($435mn),

Y107.70-75($755mn), Y107.85($479mn), Y108.00($1.68bn).