Market Moving News: USD/JPY - Jan 22

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USD/JPY - 89.98.. Y'day's 2%-drop in DJI caused by Obama's plan to restrict prop trading of US banks impacted regional bourses in Asia, causing Nikkei, Shanghai Composite & HSI down by nearly 2.5%, investors srambled to move out of risky assets n pushing the pair to 89.78 n eur/yen to a 9-month low of 126.55. Yen also gained vs aud & nzd. Traders' tendency is to sell the dlr on rebound as offers remain at 90.30/50 but profit- takings bids are reported fm 89.50-30 region, therefore, downside today looks ltd after y'day's selloff fm 91.88.

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