Dollar-yen: European open Y110.20,......>

YEN SUMMARY: Dollar-yen: European open Y110.20, range Y110.09-110.53, NY open

Y110.45, range Y109.93--110.59

*A wave of dollar buying, following rising US Tsys yields saw the rate spike to

a new intra-day high of Y110.59.

*Sharp fall in UST yields triggered fresh dollar sales, rate extended

the corrective pullback off recent traded highs (Y110.59) to Y110.25.

*Continued on the defensive with slippage extending to Y110.04.

*Another wave of dollar supply takes out the Y110.00 barrier,

triggering stops on the move. Low print of Y109.93 before bouncing back over

Y110.05

*Broad based dollar demand as USD reserves drop has seen the rate

spike towards Y110.30.

*The dollar pared back some of its gains, as US tsys yields slipped with the

rate dropping towards Y110.15.

*The dollar gets a lift into the close, as profit takers emerged pushing the

rate towards Y110.35.