USD firmed across the board overnight....>

DOLLAR-YEN: USD firmed across the board overnight with the DXY comfortably

holding above 94. This theme spilled over into Europe, USDJPY briefly touched

Y110.00 before meeting resistance from Japanese names. Key tech resistance

remains at Y110.21 from the 200-dma, a close above is needed for the next leg

higher to challenge Y110.61/62 (May18 low/76.4% Y111.40-108.11). Support at

Y109.82/77 (100-wma, Asia low). USDJPY last Y109.89. Main data highlights in the

US today from ISM non-mfg at 1400GMT, the index is expected to rise to a reading

of 57.7 in May from 56.8 in April. The Philadelphia nonmanufacturing index rose

to 45.3, while the flash Markit Services index rose to 55.7.

Option-expiries: Y108.88-90($580mn), Y109.25($305mn), Y109.40-45($710mn).