USD/JPY retreats further after US new home sales

By FXStreet FXStreet (Córdoba) – USD/JPY continued to retreat from highs and scored fresh lows for the day following the release of much worse than expected US housing data.

US new home sales fell 11.5% to a seasonally adjusted rate of 468,000 in September, from August’s downwardly revised rate of 529,000.

USD/JPY dipped to a fresh low of 120.59 as the knee-jerk reaction, but recovered a few pips to currently trade at 120.77, down 0.52% on the day.

USD/JPY key levels

In terms of technical levels, USD/JPY could find next supports at 120.59 (Oct 26 low), 120.30 (50-day SMA) and 120.00 (psychological level). On the other hand, resistances could be faced at 121.50 (Oct 26 high), 121.94 (100-day SMA) and 123.00 (psychological level/Jul 23 low).
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Source:: FX Street