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Forex: USD/JPY ranges below 98.00

FXstreet.com (Barcelona) - The USD/JPY remains unable to reach the 98.00 handle after three attempts since the European opening, two capping at 97.97 and the latest at 97.91. After the early fall from 98.00 ground to 97.32 low, this ranging period has been held by 97.65/70 area on the downside. The US economic calendar still has pending home sales and Dallas Fed manufacturing business index ahead.

US Core income disappointed at 0.2% in March, instead of 0.4%, and spending rose 0.2%, instead of 0.0% expected. The price of personal consumption expenditures fell -0.1% (MoM) to an annualized drop from 1.3% to 1.0%, as expected. Core prices came in at 0.0% (MoM) to an annualized drop from 1.3% to 1.1%, below consensus of 0.1% and 1.2%, respectively.

“We think, today the pair may move downwards with the first target at 96. Later, in our opinion, the price may form a consolidation channel to break an ascending channel and then continue falling down to reach the level of 93.70”, wrote Roboforex.com analyst Igor Sayadov

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