USD/JPY May Fall; But May Hold Above 89.90-Dealer

USD/JPY biased down as weaker-than-expected U.S. consumer confidence data overnight damp investors' risk-taking appetite as suggests U.S. consumer spending to remain weak, which could in turn hurt jobs market; still, pair looks supported around 89.90 by importers' orders as many want to settle their accounts ahead of month-end, says Tokyo Forex and Ueda Harlow senior dealer Masanobu Ishikawa. "Sentiment-wise, the dollar should continue falling, but Japanese firms' account-settling orders should slow the move, at least." Adds, market paying attention to Fed Bernanke's semi-annual testimony later in day; he's likely to again signal Fed won't hike rates near term, which should be USD-negative. Another focus would be U.S. January new home sales (tipped +3.8% from 7.6% fall previously.) USD/JPY may trade in 89.90-90.50 range vs 90.20 last; EUR/USD may trade in 1.3420-1.3560 range vs 1.3513 last. EUR/JPY may trade in 121.40-122.40 range, Ishikawa says; pair last at 121.88