The greenback remains weak against other major currencies today, even latest data showed that US new home sales was positive. The National Association of Realtors said that existing home sales rose 1.8% in May to 5.52 million units. In April, existing home sales was only 5.43 million units, revised from 5.45 million. Analysts expected the May data was 5.54 million units.

International Monetary Fund reported that US economy overall is in good condition, with expected growth rate at 2.2% in 2016 and 2.5% in 2017
The dollar index fell against basket of major currencies, down 0.32% at 93.85. approaching one-week low at 93.47.

Technical Analysis:

USD/JPY is testing support area at 104.483-104.135. Watch the support area in order to look for bullish signal confirmation to go long with 104.698 as target and 105.046 in extension.

Be careful if the price managed to break support at 104.135 because it will turn the intraday bias to bearish and push the pair down to 103.887-103.572.

Trading Recommendation:
– Buy within 104.483-104.135 on bullish signal confirmation
– 1st T/P: 104.698
– 2nd T/P: 105.046
– S/L: 104.100

Good luck.

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