*Nov23 dollar-yen open Y111.22, range...>

YEN SUMMARY: *Nov23 dollar-yen open Y111.22, range Y111.07 to Y111.38

*Dollar-yen opened in Asia at the lower side of yesterday's Y111.14 to Y112.50

range, where weaker US durable goods data and dovish FOMC minutes placed the

dollar on the back foot.

*Dollar-yen initially dipped from Y111.32 to Y111.07, with supply cited in

euro-yen. As the cross recovered and posted a fresh session high, the dollar

rose from the low teens to Y111.38

*Euro-yen was the main mover during the session, spec accounts sold from around

Y131.50 to Y131.23 before meet demand. With no follow through the cross began to

recovery and once above the previous session high of Y131.54, the move

accelerated to Y131.82 with stops the likely catalyst

*Demand has been cited on an approach to Y111.00 which fits in nicely with the

technical landscape, support lies at Y111.03 marking the 50% fib retracement on

the Y107.32 to Y114.73 rise, while hourly resistance is found in the

mid-Y111.60's.