TOKYO, April 24 (Reuters) - Japan's Nikkei share average was on track for a third-consecutive day of gains on Wednesday, tracking Wall Street, to break above 38,000 points as investors continued to snap up tech-related shares.

The Nikkei was up 2.07% at 38,329.39 by the midday break, recovering to the 38,000-point range for the first time in four days.

The broader Topix was up 1.37% at 2702.68.

Japanese shares have had a bumpy month since the benchmark index rose to a record high of 41,087.75 at the end of March and then sank to as low as 36,733.06 last week on factors such as geopolitical concerns and profit-taking.

However, sentiment has turned favourable on risk assets again as fears of a re-escalation in the Middle East eased and U.S. stocks closed higher overnight following positive earnings from top-tier companies, giving the Nikkei a boost.

"Japanese stocks are currently enjoying the bid from Wall Street as well as the weak yen," said Charu Chanana, head of currency strategy and global market strategist at Saxo.

The dollar traded at 154.8 yen after hitting a 34-year high of 154.88 this week and sparking more verbal warnings from Japanese authorities.

A weaker yen tends to boost Japanese export shares, as it raises the value of overseas profits in yen terms when firms repatriate them to Japan.

Automakers like Toyota Motor and other export-related stocks performed strongly on Wednesday. Toyota Motor gained 2.6%.

Chip-related shares saw some of the largest gains in the morning session, with Tokyo Electron up 6.4%, Renesas Electronics up 9.5% and Disco up 5.8%.

Risks lie ahead though, as the earnings season heats up in the United States, Chanana said.

"While the latter has room to hold despite risks of an intervention, the bid in US equities is highly vulnerable to the big tech companies reporting earnings this week." (Reporting by Brigid Riley; Editing by Janane Venkatraman )