28 June 2023, USD/JPY
USDJPY trading plan:
U.S. new home sales jumped 12.2% to a seasonally adjusted annual rate of 763,000 units last month, the highest level since February 2022, the Commerce Department said. Sales shot up 20.0% on a year-on-year basis in May. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis. The housing market has likely found a floor and could be even improving. Data last week showed homebuilder confidence rising into positive territory in June for the first time in 11 months. Housing starts surged in May as supply remains tight, while home resales edged up. The housing market has been the biggest causality of the U.S. central bank's fastest rate hiking cycle since the 1980s. The Fed, which has raised its policy rate by 500 basis points since March 2022, has signaled two more rate increases this year to cool demand in the overall economy.
Investment idea: buy 143.68 and take profit 144.39.
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