*Oct23 Dollar-yen open Y113.66, range...>

YEN SUMMARY: *Oct23 Dollar-yen open Y113.66, range Y113.65 to Y114.10

*Dollar-yen opened in Asia above the Y112.52 to Y123.57 range witnessed on

Friday, where rising hopes of US tax reform placed the dollar on the offensive

*News of Abe's resounding victory in the Japanese elections saw the rate gap

higher at the open and climb steadily to Y114.00 where supply was said to exist

Abe's coalition election win gives him a mandate to continue with existing

fiscal expansion and pro-growth structural reforms.

*Supply at Y114.00 was eventually absorbed, the rate climbing to a session high

of Y114.10 before fading

*Softer UST yields then pushed the dollar lower from around Y114.00 to Y113.67,

pretty much where the pair opened this morning.

*Key-resistance is now seen at Y114.33, the level marks the 61.8% fib

retracement on Y118.66 to 107.32 decline, while support is likely to be found

near to Friday's close in New York of Y113.52 (Gaps are usually filled).