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Are you keeping an eye on the USD/JPY pair? Here at Extreme Investor Network, we provide unique insights and expert analysis to help you stay ahead in the stock market game. Today, let’s take a look at how the US housing data could impact the USD/JPY pair.
Will US Housing Data Impact the USD/JPY?
As we head into the Wednesday session, all eyes are on new home sales data. Economists are expecting a 5.1% slide in August following a 10.6% surge in July. A larger-than-expected decline may raise concerns about the US economy and its impact on the USD/JPY pair.
At Extreme Investor Network, we understand that the US housing market is a key indicator of the overall economy. A significant decline in new home sales could affect consumer confidence, private consumption, and ultimately, the economy. Keep an eye out for developments that could push the USD/JPY pair toward the 142.5 level.
Short-term Forecast for USD/JPY
Looking ahead, central bank commentary and Friday’s Personal Income and Outlays Report will play a crucial role in shaping USD/JPY trends. Dovish Fed comments, softer inflation, and weaker personal income/spending data could reignite fears of a hard landing and drive demand for the Yen.
Stay alert and keep a close watch on economic indicators, central bank views, and expert commentary to adjust your trading strategies accordingly. At Extreme Investor Network, we provide expert insights to help you navigate the market and make informed decisions.
USD/JPY Technical Analysis
Daily Chart
On the technical front, the USD/JPY is currently trading below the 50-day and 200-day EMAs, signaling bearish price trends. A break above the 143.495 resistance level could pave the way for a move towards 145, with potential resistance at 145.891.
Factors like Bank of Japan commentary, US new home sales data, and Fed chatter should be taken into consideration when making trading decisions. On the downside, a drop below 142.5 could trigger a test of the 141.032 support level, with the 14-day RSI suggesting a potential move towards oversold territory.
For more in-depth analysis and expert insights, trust Extreme Investor Network to keep you informed and ahead of the market. Happy trading!