Today at 15:00 GMT will be released the US Pending Home Sales for November and we can expect an increase to 0.6% from 0.1% according to the latest analysts’ surveys. The data had been showing a mixed number during the last five months, so it’s probable to see a little reaction in the markets, especially in the US Dollar-related pairs. A weaker-than-expected data should help to fuel the bearish bias in the greenback across the board.
Our technical analysis for USD/JPY at H1 chart is showing a bullish consolidation within a triangle pattern. However, current price action is below the 200 SMA and it can help to produce bearish technical moves in order to test the 117.15 level. If the pair manages to break the triangle consolidation, it can go to test the 118.00 handle, while a break of the 117.15 level should help the pair to plummet towards the 116.56 zone.
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Origin: FX BAZOOKA
