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Usd/Jpy: Europe open Y111.50, range.....>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: Europe open Y111.50, range Y111.34-53. NY open Y111.47,
range Y111.30-60. 
* Fix-related and euro-yen demand lifted the pair to Y111.44 in early Asia. 
* Pullback off early European highs (Y111.56) settled around the Y111.33/38
area. Traders reported continued thinned volumes. 
* As UST yields firmed the dollar got an added lift to Y111.52. The pair was
seen approaching resistance from the daily high (Y111.56) before fading. 
* Pullback off the high in UST yields has seen Usd/Jpy drift towards the
Y111.35/40 area in early NY. 
* Persistent dollar sales extended to Y111.34 before meeting support from the
European low. 
* Stops triggered in Eur/Usd provided fresh appetite for Eur/Jpy to Y132.50
before meeting the reported offers placed here. 
* As the euro continued to strengthen Eur/Jpy tore higher and made intra-day
highs of Y133.24.

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