21 June 2023, USD/JPY
USDJPY trading plan:
Housing starts rose to a seasonally adjusted annual rate of 1.631 million units last month from April's downwardly revised 1.34 million, the U.S. Commerce Department said. The 291,000-unit increase in starts was the most since January 1990, and the 21.7% rise was the largest percentage gain since October 2016. The housing market has taken the biggest hit from the Fed's fastest monetary policy tightening campaign since the 1980s, but recent data have suggested the worst may have passed. Groundbreaking on U.S. single-family homebuilding projects surged in May by the most in more than three decades and permits for future construction also climbed, suggesting the housing market may be turning a corner after getting clobbered by Federal Reserve interest rate hikes.
Investment idea: buy 141.69 and take profit 142.38.
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