*Dec28 dollar-yen open Y113.35, range...>

YEN SUMMARY: *Dec28 dollar-yen open Y113.35, range Y112.97 to Y113.35

*Dollar-yen opened in Asia toward the upper side of yesterday's Y113.15 to

Y113.38 range, where cross demand somewhat negated the weaker dollar theme,

leaving the pair broadly unchanged on the day.

*Dollar-yen was offered from the get-go, the rate easing from Y113.35 to

$112.97. Pockets of demand were noted in the mid-teens and at Y113.10 from

Japanese banks, but the weaker dollar story won through

*There are a couple of large option expiries for today at Y113.00($1.8bn) and

Y113.50($3.5bn), that may act to contain the near-term range.

*Technical support is seen at Y112.95/84, which marks the 55-dma and Dec20 low,

while resistance lies at Y113.35/38 (Asia's high/Dec27 high).

*The next event risks are seen in US markets, with the release of Initial

Jobless claims and Chicago PMI