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Forex: USD/JPY bounces after retesting yesterday’s low at 97.36

FXstreet.com (Barcelona) - Ever since the 98.12 high printed after Japan’s economic indicators being released, the USD/JPY engaged in a downside momentum that could only find a stop in mid-European morning by reaching the yesterday’s low of 97.36. Then, the pair bounced to 97.60 and is currently quoting around 97.50.

Japan’s vehicle production fell from -15.1% to -16.4% in March, while housing starts rose from 3.0% to 7.3% (consensus of 5.5%) but annualized housing starts eased from 0.944M to 0.904M. Construction orders fell from 16.3% to -3.4%.

“Still in the consolidation pattern above 97.30 and although there is still a risk of one more upswing to 98.30-40, the overall outlook is negative, for a slide towards 96.40”, wrote Deltastock.com analyst Stoyan Mihaylov.

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