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19 May 2015
USD/JPY jumps along with US housing starts
FXStreet (Córdoba) - USD/JPY popped to fresh highs as the dollar strengthened further following the release of much-better-than-expected US housing data.
US housing starts soared 20.2% in April to a seasonally adjusted annual rate of 1.135 million, the fastest rate since 2007. This reading beat expectations of 1.019 million. Meanwhile, building permits, a gauge of future demand rose by 10.1% in April to 1.143 million, the most since mid-2008.
USD/JPY broke above the 120.25 resistance area and climbed to a fresh 2-week high of 120.43 following the release. At time of writing, the pair is trading at 120.40, recording a 0.38% gain on the day.
On the upside, immediate resistances line up at 120.50 (May 5 high) and 120.83 (Apr 13 high) ahead of 121.00 (psychological level). On the downside, supports are seen at 119.82 (daily low), 119.57 (21-day SMA) and 119.25 (May 18 low).
US housing starts soared 20.2% in April to a seasonally adjusted annual rate of 1.135 million, the fastest rate since 2007. This reading beat expectations of 1.019 million. Meanwhile, building permits, a gauge of future demand rose by 10.1% in April to 1.143 million, the most since mid-2008.
USD/JPY broke above the 120.25 resistance area and climbed to a fresh 2-week high of 120.43 following the release. At time of writing, the pair is trading at 120.40, recording a 0.38% gain on the day.
On the upside, immediate resistances line up at 120.50 (May 5 high) and 120.83 (Apr 13 high) ahead of 121.00 (psychological level). On the downside, supports are seen at 119.82 (daily low), 119.57 (21-day SMA) and 119.25 (May 18 low).