The USD/JPY pair has been trading flat in recent days. On Tuesday, data on US New Home Sales indicated a 12.4% growth in July that was better than economists’ forecast and led to a growth in the US dollar. The yen, however, then managed to recover its losses amid statistics on the Composite Indexes of Coincident and Leading Indicators, which came out at 111.1 and 99.2 points respectively.
Today attention needs to be paid to data on US Housing Price Index in June. Economists expect the index to come out at 0.3% that would allow the US currency to strengthen.
On the 4-hour chart, the par is trading in the region of the middle line of Bollinger Bands®. MACD histogram is in the negative zone, its volumes remain relatively low. Stochastic lines are directed down.
Support levels: 100.00, 99.75, 99.50.
Resistance levels: 100.30, 100.70, 101.00, 101.30, 101.60, 101.90, 102.35.