*Oct20 Dollar-yen open Y112.54, range...>

YEN SUMMARY: *Oct20 Dollar-yen open Y112.54, range Y112.52 to Y113.31

*Dollar-yen opened in Asia toward the lower side of the Y112.30 to Y113.15 range

witnessed yesterday, where softer US rate yields and weaker equities gave the

yen the upper-hand.

*Dollar-yen consolidated within a Y112.52 to Y112.78 in early trade

*News that the US Senate had passed a 2018 budget blueprint, setting the stage

for Republican tax reform witnessed broad based dollar strength. The rate rose

from the mid-Y112.70's to vault over yesterday's Y113.15 high and post a fresh

top at Y113.31. 

*Reported supply around Y113.30 continued to cap the upside, the pair retraced

to Y113.12 on mild profit-taking and consolidated in the mid-to-high teens for

the balance of the session

*Should supply eventually get absorbed resistance is then seen at Y113.44/50

(Oct6 high, 1.618% swing Y112.72-111.48), while previous hourly resistance at

Y112.74 is now support.