USDJPY dips after pending homes sales data

Pair stays below 200 day MA

The USDJPY is moving lower after pending home sales came in weaker on the month at 0.5% vs 1.0% expectations. The prior month was revised to -1.7% from -1.8%.

Technically, the pair also failed to extend above the 200 day MA at the 120.699 level. The high price could only reach 120.633.

The fall, has taken the price back toward a cluster of intraday tech levels including the 100 and 200 bar MA on the 5 minute chart At 120.27 and 120.178 respectively (see chart above). The 50% of the days range comes in at 120.209. Below that area and the 100 hour MA at 120.01 should slow the decline.