The stop induced high of Y114.73 has.....>

DOLLAR-YEN: The stop induced high of Y114.73 has since seen a pullback to

Y114.47. UST yields are firmer, but off their highs and a similar story in the

Nikkei. Traders have noted a fairly large option expiry for today at Y114.50

($1.12bn), which may act to contain the near-term range. Resistance is seen at

Y114.81/88 (1.618% swing Y114.25-113.34, Mar15 high), with supply from Japanese

exporters then expected around Y115.00. There are also reports of a barrier

knock-out at Y115.00, protection is expected ahead, with stops likely above.

Downside, support is located at Y114.43/34 (38.2%/50% on today's Y113.95 to

Y114.73 rise). Dollar-yen was last at Y114.58