US New Home Sales indicator is released monthly, and provides analysts with important data on the health of the housing sector. A higher reading than the market prediction is bullish for the dollar. Update: US housing data misses – Dollar down Here are all the details, and 5 possible outcomes for USD/JPY. Published on Wednesday at 15:00 GMT. Indicator Background US New Home Sales provides analysts and investors with a snapshot of the strength of the US housing market, one of the most important sectors of the economy. As a new home is likely to be the largest purchase that a consumer will make, this indicator also helps measure consumer spending and confidence. The indicator slipped to 467 thousand in October, short of the estimate of 473 thousand. The markets are expecting a slight improvement in the upcoming release, with an estimate of 471 thousand. Sentiments and levels With the Japanese economy in recession, there is plenty of room for the yen to fall. Will we see a 120 yen this week? The US economy continues to move in the right direction and monetary divergence is another factor in the greenback’s favor. So, the overall sentiment is bearish on USD/JPY towards this release. Technical levels, from top to bottom: 121.39, 119.88, 117.94, 116.82 and 114.62. 5 Scenarios Within expectations: 467K to 475K: In such a case, USD/JPY is likely to rise within range, with a small chance of breaking higher. Above expectations: 476K to 482K: An unexpected higher reading can send USD/JPY above one resistance level. Well above expectations: Above 482K: A sharp increase could propel the pair above a second resistance line. Below expectations: 460K to 466K: A reading lower than forecast could send USD/JPY below one support level. Well below expectations: Below 460K. In this outcome, the pair could break past a second support level. For more on the yen, see the USD/JPY forecast. To follow this event live: [do action=”calendar-event” eventid=”daeeacbc-3507-412c-a336-ba80a4f3b3c4″/] Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next UK Q3 GDP confirmed at +0.7%, investment falls – GBP/USD Yohay Elam 8 years US New Home Sales indicator is released monthly, and provides analysts with important data on the health of the housing sector. A higher reading than the market prediction is bullish for the dollar. Update: US housing data misses - Dollar down Here are all the details, and 5 possible outcomes for USD/JPY. Published on Wednesday at 15:00 GMT. Indicator Background US New Home Sales provides analysts and investors with a snapshot of the strength of the US housing market, one of the most important sectors of the economy. As a new home is likely to be the largest purchase that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
