Big swing in USD/JPY during Wednesday....>

DOLLAR-YEN: Big swing in USD/JPY during Wednesday NY trade. Rate snapped back

from a low of Y111.68 to a post 1600BST fix high of Y112.40 before it eased back

to Y112.20 at the close. Rally was seen driven as DXY cleared back above

resistance at 97.71, as well as  Apr23 high of 97.77, but move was again seen

running into the recent resistance at and above Y112 said to be linked to

Japanese exporters positioning ahead of next week's Golden Week holidays.

Corrective pullback extended to Y112.05 into early Asia before fresh demand

emerged into Tokyo which took it back to Y112.24. Fresh sales again emerged,

despite rise in the Nikkei (which could have been influenced by EUR/JPY sales)

and ignored BOJ rate announcement(BOJ tweaked guidance to help hit 2% price

target), eased to Y111.85 before it settled just below Y112.00 into Europe.

Suggested exporter sales and influence from the 200-wma(Y111.92) seen providing

the main resistance, despite the strength in DXY(holds above 98.00). 

- Option expiries of note for today's NY cut Y111.40-50($2.98bln) and

Y112.00-05($1.61bln).

- Support Y111.65-50. Resistance Y112.24, Y112.40/50.