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US Home Sales Trumps Expectations Launching USD/JPY Above 102.00

US Home Sales Trumps Expectations Launching USD/JPY Above 102.00

2014-06-24 14:33:00
David Maycotte,
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Talking Points:

  • US Consumer Confidence 85.2 in June vs 83.5 expected and 82.2 in May
  • US Home Sales 18.6% in May vs 1.6% expected and 3.7% in April
  • USD/JPY Technical Analysis – Oscillating Around 102 Mark

US May’s New Home Sales report and June’s Consumer Confidence figures trumped expectations this morning prompting a bullish US Dollar against most of its major peers. June’s US Consumer Confidence came in at 85.2 the highest level in over five years, and beating analyst’s expectations calling for a print of 83.5. Better yet, US Home Sales reported at the highest level since January 1992, reporting at 18.6 percent in May. According to DailyFX Strategist, Ilya Spivak, the trend in US economic data has broadly been of continual improvement, leading to support the benchmark.

The positive US news-flow catapulted USDJPY above the 102 handle, a level the pair has traded around in the past couple of weeks. Spivak sees USDJPY resistance at 102.13, with a break exposing 102.35.

Automatically PlaceDailyFX Support and Resistance Lines on Your Charts.

US Home Sales Trumps Expectations Launching USD/JPY Above 102.00

USD/JPY 5-Minute Chart. June 24, 2014. Charted created using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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