FXstreet.com (Barcelona) - USD/JPY has fallen around 50 pips from 99.30, before better than expected US Reuters/Michigan Consumer Sentiment Index, to 98.78, intra-day low, and it is testing the 98.80 support level.

US Reuters/Michigan Consumer Sentiment Index rises to 61.9 points in April from 57.3 pts in March, a better result than market expectations of 58.5 pts to April.

Currently, the pair is trading around 98.80/90 range after falling 0.61% along the day from the opening price at 98.48.

According to Valeria Bednarik, FXstreet.com collaborator, USD/JPY is consolidating its positions above 99,00: Still moving sideways and consolidating just above the 99.00 zone, pair failed to break above the 99.60 zone in the Asian session, and from there start a downside movement that turn indicators bearish. Price remains under 200 EMA and 20 SMA, thus both remain flat to suggest bias. 98.80, ascendant trend line plus static support zone, should cap the downside at least in a first attempt. Further bias not clear unless under 98.50 or above 99.80

Bednarik provides us with her levels: Support levels: 99.05 98.80 98.50. Resistance levels: 99.32 99.70 100.00

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