*Oct31 Dollar-yen open Y113.18, range...>

YEN SUMMARY: *Oct31 Dollar-yen open Y113.18, range Y112.98 to Y113.28

*Dollar-yen opened in Asia toward the lower side of the Y113.03 to Y113.84 range

witnessed yesterday, where reports that Trump's tax reforms may be phased-in

over a 5 year period placed the dollar on the defensive.

*The opening of Tokyo markets saw the pair trade with a heavy tone, the rate

dropping from near Y113.20 to Y112.98 before meeting demand. Tokyo investor were

said to be positioning for a weaker Nikkei open. The cash index did open lower

and extend losses slightly, but managed to pare back most of the losses by the

late afternoon 

*Although remaining firmly on hold, the BoJ did lower slightly their inflation

forecasts, core CPI for 2017/18 is now expected at 0.8% from 1.1% in July,

2018/19 now 1.4% from 1.5% projected in July. Dollar-yen climbed from around

Y113.10 to Y113.28 before easing back to Y113.15, not too distant from where it

opened this morning

*Immediate support lies at Y112.97 (Ichimoku cloud baseline), with the 21-dma

seen below at Y112.91, while Asia's Y113.28 is initial resistance.