USDJPY slips towards 121.00 after US housing starts drop
Anyone would think that winters were only invented a year ago. It's no shock to see starts falling given the severity of the winter chill the US has witnessed, so the facts that permits picked up should have warmed the report. That looks to be happening now as USD/JPY picks itself up off the floor following the data drop to 121.12
USDJPY H1 chart
The 200 H1ma saw the price rebound and really we're still treading water. Below that the 55 H4ma at 121.02 marks the next support point around the big figure. Below there the 120.70 level is still a level I'm watching keenly for support
Topside, 121.50/55 marks the top of the recent range and we're trading between the goal posts in the run up to the FOMC.