Continues to trade within tight..........>

DOLLAR-YEN: Continues to trade within tight ranges, the rate extending its

recovery off Tuesday's NY low of Y111.76 to Y111.98 in Asia before move

faltered. The corrective pullback, powered in part by the AUD sell off following

the release of softer than forecast Australian CPI data, again met support at

Y111.76 before it settled between Y111.80-85 into Europe. A break of Y111.76 to

expose Tuesday's low of Y111.65, with support seen from this level through to

Y111.50. Traders aware that the area between Y111.40-50 holds the strikes for

$2.49bln of options rolling off at today's NY cut. As mentioned in recent

bullets, area above Y112.00 seeming to attract decent supply with Asian traders

suggesting Japanese exporter interest to cover positions ahead of next week's

Golden Week holiday (Apr29 through to May6). Resistance therefore seen from

Y112.00 through to Y112.20 (Y112.17 YTD high Apr17). RBC note the BoJ policy

board meeting concludes tonight with universal expectation that the board will

keep the short-term and long-term rate targets unchanged this month, but there

are now significantly more calls for additional easing than tightening before

the year is out.