USDJPY – Down
USDJPY trading plan:
Sales of new U.S. single-family homes plunged to a 6-1/2-year low in July as persistently high mortgage rates and house prices further eroded affordability. The report from the Commerce Department added to a stream of weak housing data, and suggested that the Federal Reserve’s aggressive monetary policy tightening campaign to slow the economy in order to tame inflation was achieving some desired results in the housing market. But with house prices remaining elevated amid a critical shortage of previously owned properties, a total housing market collapse is unlikely. New home sales tumbled 12.6% to a seasonally adjusted annual rate of 511,000 units last month, the lowest level since January 2016. June’s sales pace was revised down to 585,000 units from the previously reported 590,000 units.
Investment idea: sell 136.95 and take profit 136.25.
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