*Dec18 dollar-yen open Y112.63, range...>

YEN SUMMARY: *Dec18 dollar-yen open Y112.63, range Y112.49 to Y112.83

*Dollar-yen opened in Asia toward the upper side of the Y112.03 to Y112.74 range

witnessed on Friday, where progress on the pro-growth Republican tax package

supported both US rate yields and the dollar

*Once Japanese markets started in earnest, the dollar climbed from Y112.49 to

Y112.83, firmer US rate yields, a higher Nikkei and Tokyo-fix related encouraged

the move  

*Reported supply from Japanese exporters around Y112.80 capped the move, the

pair then eased back down to Y112.60

*Local traders suggested further range trading is likely, with in excess of $4.3

billion worth of strikes rolling off today between Y112.00 and Y113.00.

*Dollar-yen then consolidated between Y112.60-70 ahead of the European open

*Hourly support is located around Y112.50, while resistance remains firm at

Y112.86/89, the area holds 55-dma and 50% fib Y113.75-Y112.03 decline.