Opened in Asia at Y113.91 toward the.....>

DOLLAR-YEN: Opened in Asia at Y113.91 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. US rate yields and regional equities

will continue to provide direction in Asia, Nikkei futures were last +0.40%. 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 hourly support is located in the

mid-Y113.50's.