USD/JPY: US Pending Home Sales

Stronger-than-expected US pending home did not manage to support the USD/JPY exchange rate. Following the release, the Yen appreciated against the US Dollar by 0.053% to be seen trading at 110.46. The National Association of Realtors reported that the Pending Home Sales Index rose twice as much as anticipated by a seasonally adjusted 1.5% in July, following an upwardly revised 0.7% drop in the prior month. Nevertheless, the strong increase offset previous declines only partially and suggested that existing home sales are likely to increase in the near term, as fewer available properties forced buyers to act immediately. Analysts expect housing sector to continue recovering after being stymied by the lack of homes, which led to higher prices.