USD/JPY loses grip on 99.00 level after downtrodden US data

FXstreet.com (New York) – The USD/JPY foreign exchange rate eased off the 99.00 region Friday, having just digested poor housing data that weighs on any potential advance.

In the United States, New Home Sales (MoM) were reported at 0.394M in July, missing expectations of 0.485M. In addition, New Home Sales Change (MoM) fell -13.4% in July, compared to a consensus of -1.4%.

Technically speaking, the USD/JPY is now trading at 98.86, still securing a gain of +0.14% above it’s opening despite operating off its highs of 99.16. Briefing the technicals, the USD/JPY will encounter means of resistance at 99.29, onto 99.71, …read more