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USD/JPY May Seek Direction Amid U.S. Housing Data

Market Report

USD/JPY May Seek Direction Amid U.S. Housing Data

11.05.2026

Today's Highlights
  1. China's April Consumer Price Index (CPI) and Producer Price Index (PPI)
  2. U.S. Existing Home Sales for April

In the U.S. currency market on the previous business day, the U.S. dollar held steady after the April U.S. employment report released last weekend showed that nonfarm payrolls increased by 115,000—exceeding market expectations—and the unemployment rate remained flat at 4.3%.With a significant deterioration in the U.S. labor market averted, expectations for an early rate cut by the Federal Reserve have receded somewhat, and the dollar-yen pair is trading around 157.00 at the start of the week.The focus now is on whether the pair can hold near 157.00, with resistance likely around 157.20 to 157.50 and support around 156.50 to 156.00.We will be watching today’s U.S. existing home sales data to gauge whether the U.S. dollar will remain firm.

Against the backdrop of a stronger U.S. dollar following the U.S. jobs report and concerns over the situation in the Middle East, the euro faced some resistance against the dollar. The euro/dollar pair is trading in the 1.1750 range, and the immediate focus is on whether it can break above the 1.1780 level.Given that ECB Vice President De Guindos has indicated that caution is needed regarding interest rate hikes, the euro is likely to remain sensitive to developments in monetary policy. On the downside, the 1.1740 to 1.1720 range is likely to be a key level to watch, and we will need to see whether the dollar-led trend continues.

Today’s key economic indicators include China’s April Consumer Price Index (CPI) and April Producer Price Index (PPI) at 10:30, and U.S. April existing home sales at 23:00.China’s CPI came in at 1.2% year-over-year, and PPI at 2.8% year-over-year, both exceeding market expectations.U.S. existing home sales are expected to come in at an annualized rate of 4.05 million units, up 2.0% month-over-month, which is likely to confirm the resilience of the housing market. While major economic indicators are limited at the start of the week, China’s inflation data and U.S. housing figures are likely to influence economic sentiment, so we will carefully monitor the reactions of the U.S. dollar and the euro.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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