Usd/Jpy: Europe open Y111.31, range.....>

YEN SUMMARY: Usd/Jpy: Europe open Y111.31, range Y111.11-32, NY open Y111.16,

range Y111.16-111.32

* The pair traded in a tight range between Y111.07-38 during the Asian and

European sessions. * Action was choppy as price swung back and forth and markets

remained thin due to the Thanksgiving Day holiday in US.

* Spec accounts were the stand out Eur/Jpy sellers in Asia, slippage through the

100-dma (Y131.33) extended to Y131.23. Profit take demand cushioned, recovery

efforts triggered stops through Y131.55 before topping out at Y131.82

* Eur/Jpy had an upbeat tone Europe as the euro strengthened against the yen on

an encouraging economic outlook for the Eurozone economies.

* Offers are reported on approach to Y132.00 (Y131.93 - Hourly high), a break

here opens a move toward Y132.27 (Nov21 high).