Market expectations are for an increase in existing home sales. However, I am not optimistic as recent economic data suggest job market still need steady acceleration. consumer spending remained weak due to slower than expected growth in US and as such consumers may not be as confident yet on committing to buying homes and add to their debt. Bearish on USDJPY.
In my opinion as other economic indicators are not higher than previous results home sales also will not be higher. Thus as forecast is for better result I think it will not be meet and USD will weaken slightly.
Tendency of the indicator - not to hold out to the forecast. The exception was in April - effect of frosty winter. Now, I think, actual value again will not hold on to look-ahead - more low 4,74M. Downwards.