USD/JPY retreats from 2-week high as U.S. home sales eyed

ForexNewsNow | Published on October 27, 2010 at 9:58 am

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Intraday analysis - a heap of Japanese yenNEW YORK (Forex News Now) – The U.S. dollar retreated from a 2-week high against the yen on Wednesday, as FX traders awaited a key report on U.S. new home sales and in the wake of mixed data on U.S. durable goods orders.

In European afternoon currency market trading, USD/JPY hit 81.63, up 0.24 percent on the day, after pulling back from 81.98, the currency pair’s highest since Oct. 13.

The U.S. Census Bureau was set to publish the report on new home sales in September, which was expected to show an increase of 12,000 homes sold during the month. Japan, for its part, later in the day was due to publish data on retail sales in September.

According to intraday analysis, USD/JPY was likely to touch support around Monday’s low, 80.41, and encounter immediate resistance around the high of Oct. 7, 83.03.

The Census Bureau said earlier that core durable goods fell 0.8 percent month-on-month in September, after rising a revised 1.9 percent in August. Analysts had expected modest growth of 0.4 percent in September, two major online FX trading news outlets reported.

Elsewhere, the yen climbed versus the euro: EUR/JPY traded at 112.7, down 0.15 percent, according to intraday analysis.



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