22 March 2023, USD/JPY
USDJPY trading plan:
U.S. existing home sales rebounded more than expected in February as lower mortgage rates and the first year-on-year decrease in prices in 11 years pulled buyers back into the market, further evidence that the housing market was stabilizing at low levels. The housing market has been the biggest casualty of the aggressive interest rate hikes delivered by the Federal Reserve in its battle to tame high inflation. The surge in sales added to data on housing starts and homebuilder confidence in suggesting that the housing market was probably finding a floor. Existing home sales, which are counted at the close of a contract, surged 14.5% to a seasonally adjusted annual rate of 4.58 million units last month. February's sales likely reflected contracts signed a couple of months back. Mortgage rates decreased from mid-November through early February.
Investment idea: buy 132.09 and take profit 132.76.
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