• Stocks surge in relief rally after Trump's tariff pause

• In times of risk appetite, funds usually flow out of the safe-haven yen

• USD/JPY rebounded from 143.99 to 148.27, on Wednesday, according EBS data

• However, Thursday has seen a relapse from 147.71 to 146.15 so far

• The huge tail on Wed's candle limits USD/JPY's downside

• EUR/JPY is at risk of bucking its usual positive April trend

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)