Jpy continued to lose ground through.....>

DOLLAR-YEN: Jpy continued to lose ground through European and NY trade Tuesday,

the rate edging on to Y113.84 off its Nov20 low of Y112.31.Positive open in the

Nikkei saw rate lifted to Y113.85 but struggled to advance with traders noting

resistance from around the Y114.00 area. Rate settled around Y113.80 but picked

up fresh demand as Nikkei pushed higher again, taking rate to Y113.90. Asian

traders have linked resistance toward Y114.00 to an option expiry for today's NY

cut, $1.91bn, adding that support to be provided by a larger expiry at

Y113.50-55($2.35bn). Some traders have suggested that resistance is seen from

around Y114.00 and that it stretches up to Y114.20(Y114.21 Nov12 high). A move

above here could pick up traction leaving Y114.50 exposed. Early month-end

models have suggested USD demand to be seen, with buying suggested to have begun

already which is aiding current buoyancy.