USD/JPY retreats further after US new home sales

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY continued to retreat from highs and scored fresh lows for the day following the release of much worse than expected US housing data.

    US new home sales fell 11.5% to a seasonally adjusted rate of 468,000 in September, from August's downwardly revised rate of 529,000.

    USD/JPY dipped to a fresh low of 120.59 as the knee-jerk reaction, but recovered a few pips to currently trade at 120.77, down 0.52% on the day.

    USD/JPY key levels

    In terms of technical levels, USD/JPY could find next supports at 120.59 (Oct 26 low), 120.30 (50-day SMA) and 120.00 (psychological level). On the other hand, resistances could be faced at 121.50 (Oct 26 high), 121.94 (100-day SMA) and 123.00 (psychological level/Jul 23 low).
    For more information, read our latest forex news.

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