*Nov16 Dollar-yen open Y112.88, range...>

YEN SUMMARY: *Nov16 Dollar-yen open Y112.88, range Y112.76 to Y113.08

*Dollar-yen opened in Asia toward the lower side of the Y112.48 to Y113.50 range

witnessed yesterday, where the risk-aversion theme saw the yen outperform across

the board.

*Initially dipped to Y112.76 demand surfaced from Japanese accounts, aided by

Tokyo-fix related demand the dollar pushed higher t0 Y113.03

*Dips were limited to the mid-Y112.80's. As UST yields and Nikkei both trekked

higher, the dollar pushed back above Y113.00 handle to Y113.08

*Asia's base of Y112.76 provides initial support, a break opens Y112.48 (Nov15

low), while hourly resistance from yesterday is found at Y113.20

*In option space, there are in excess of $6.4bn worth of expiries between

Y112.00 and Y113.50 rolling off today, that could act to contain the near-term

range.