*Oct25 Dollar-yen open Y113.91, range...>

YEN SUMMARY: *Oct25 Dollar-yen open Y113.91, range Y113.75 to Y113.98

*Dollar-yen opened in Asia toward the upper side of yesterday's Y113.25 to

Y114.02 range, where firmer US rate yields and stronger global equities placed

the Yen on the defensive.

*Dollar-yen eased lower from Y113.98 to Y113.75, the move was largely driven by

Aussie-yen flow following weaker Aussie CPI data. Nikkei too played a part, the

cash index opened higher by 0.44%, but dipped to around flat for the session

ahead of Tokyo-lunch break

* Post-lunch, the dollar edged higher from near Y113.84 to Y113.97 as the Nikkei

began to inch higher

*In option space, there is a large expiry for today at Y114.00 ($2.14bn), that

may act to contain the near term range. 

*Supply from Japanese exporters has been reported between Y114.10-20, which fits

in nicely with the technical picture, key-resistance lies at Y114.33, the level

marks the 61.8% fib retracement on Y118.66 to Y107.32 decline, while Asia's low

of Y113.75 provides initial support