27 July 2022, USD/JPY
USDJPY trading plan:
Sales of new U.S. single-family homes dropped to their lowest level in just over two years in June, the latest sign that rising mortgage rates, combined with higher prices, were dampening demand for housing. New home sales tumbled 8.1% to a seasonally adjusted annual rate of 590,000 units last month, the lowest level since April 2020, the Commerce Department said. May's sales pace was revised down to 642,000 units from the previously reported 696,000 units. Sales fell in the Northeast, the West and the densely populated South, but surged in the Midwest. The contract rate on a 30-year fixed-rate mortgage is averaging 5.54%, according to data from mortgage finance agency Freddie Mac. The rate has risen more than 200 basis points since January as inflation soared and the Federal Reserve aggressively tightened monetary policy.
Investment idea: sell 137.25 and take profit 136.50.
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