USDJPY – Down
USDJPY trading plan:
U.S. construction spending unexpectedly rebounded in November, lifted by gains in nonresidential structures, but single-family homebuilding continued to be hammered by higher mortgage rates. The Commerce Department said that construction spending climbed 0.2% in November after falling 0.2% in October. The average 30-year fixed mortgage rate, which breached 7% in October for the first time since 2002, has resumed its upward trend after briefly pulling back in late 2022, data from mortgage finance agency Freddie Mac showed. Residential investment has contracted for six straight quarters, the longest such stretch since the housing market collapse in 2006.
Investment idea: buy 130.66 and take profit 131.35.
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