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

DOLLAR-YEN: Opened in Asia toward the upper side of yesterday's Y112.51 to
Y113.08 range, where firm UST yields kept the yen on the defensive. In the
absence of any significant data the focus will be on US rate futures and
regional equities. In option space, close-by strikes rolling off today include;
Y112.40-50($423mn), Y112.60($650mn) and Y113.00($612mn), that may help to
contain the near term range. Demand is expected into today's Tokyo-fix (Goto-bi
day). Interestingly, yesterday's rally stalled almost precisely on technical
resistance, Y113.09 marks the 61.8% fib retracement on Y113.75-Y112.03 decline,
a break to expose Y113.34 (76.4% on the same move), while yesterday's base of
Y112.51 provides initial support. Dollar-yen was last at Y112.88.

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