Updating time :09/10/2008 00:07 GMT

USD/JPY - 99.73 ... The greenback tumbled to 98.60 on risk aversion due
to renewed global credit crunch in European session, however, cross-unwinding
in jpy on unprecedented joint interest rates cut by major central banks (BOC,
BOE, ECB and the Federal Reserve cut interest rates by 50 basis points, and
SNB reduced rate by 25 basis points) lifted the pair to 101.17 b4 retreating
again later in the day on the renewed selling in U.S. stock markets (Dow Jones
index fell by 189 points to close at 9258).

As 98.60 has contained y'day's cross-inspired selloff, suggesting a
temporary low has possibly been made there n consolidation wud be seen with mild
upside bias n gain to 100.46 cannot be ruled out, however, only a firm breach of
101.17 (NY res) wud bring stronger retracement of recent decline to 101.75 but
reckon 102.57 (50% r of 106.54-98.60) shud cap upside. Looking at the daily
chart, dlr is likely to re-test of this year's low of 95.77 later this month.

Today, buying dlr for rebound twds 101.46 is favoured n only below 98.60
wud confirm correction is over n risk one more fall to 98.00/10...



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