Opened in Asia toward the lower side.....>

DOLLAR-YEN: Opened in Asia toward the lower side of yesterday's Y112.46 to

Y113.58 range, where a cautious FOMC and softer US inflation data, placed the

dollar firmly on the defensive. Foreign/Japanese Investment flows and Nikkei PMI

provide the modest event risks during the session. In option space, expiries

rolling off today at Y112.00(($754mn), Y112.45-50($1.02bn), Y112.70($530mn) and

Y113.00($525mn), may act to contain the near term range. Support is noted at

Y112.30, the level represents the 50% fib retracement on Y110.84 to Y113.75

rise, a break to expose Y111.95 (61.8% fib on the same move), while resistance

lies at Y112.96 (38.2% fib Y113.75-Y112.46 decline). Dollar-yen was last at

Y112.62.