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*Sep20 dollar-yen open Y111.59, range...>

YEN SUMMARY
YEN SUMMARY: *Sep20 dollar-yen open Y111.59, range Y111.45 to Y111.65
*Dollar-yen opened in Asia at toward the middle of the Y111.20 to Y111.88 range
witnessed yesterday, where consolidation was the main theme.
*Asia was largely marking time ahead of today's FOMC, however, fix related
demand saw the dollar rise from around Y111.50 to Y111.65
*Modest dollar weakness on softer US rate yield then pushed the rate down to
Y111.45, but the move lower was somewhat negated by euro-yen demand
*For the balance of the session the dollar held a Y111.45-55 range
*Initial resistance lies at Y111.88 (Sep19 high), with Japanese exporter supply
reported at and above Y112.00, while support is being found near to the 100-dma,
currently at Y111.13.
*FOMC is the main focus ahead, with investors eying a potential start of
normalization of the Fed's $4.5 trillion balance sheet

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