USDJPY falls on the weaker housing data

The USDJPY has fallen on the weaker housing data. The data is just not good and with the winding down of government purchases of mortgage securities, one has to wonder how bank lending will proceed going forward. The low for the day was 89.01. The low from yesterday afternoon after the move higher off the low came in at the 89.04 level. This area will now become upside resistance for the pair. The low yesterday at 88.79 area needs to be broken on the downside to confirm further pressure.





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