FxWirePro: USD/JPY stuck in range but maintains bullish bias

• USD/JPY inched higher on Friday after data showed sales of U.S. new homes in May came in stronger than expected in May, reducing worries about a slowdown in the domestic housing market.
   
• New U.S. single-family home sales rose in May and the median sales price surged to an all-time high, suggesting the housing market had regained momentum.
   
• The Commerce Department said on Friday new home sales increased 2.9 percent to a seasonally adjusted rate of 610,000 units last month. April's sales pace was also revised sharply higher to 593,000 units from 569,000 units.
   
• The pair is set to reach 111.50 and later towards 112.00 in the short term as the US dollar is set to strengthen against its Japanese counterpart in the short term. Therefore it’s good to buy this pair on dips.
   
• To the upside, the strong resistance can be seen at 111.53, a break above this level would take the pair towards next resistance level at 111.79.
   
• To the downside immediate support can be seen at 111.19, a break below this level will open the gates towards next level at 111.00.​
  
  Resistance Levels
  
  R1: 111.34 (50% Retracement level)
  
  R2: 111.53 (38.2% Retracement level)
  
  R3: 111.79 (23.6% Retracement level)​
  
  Support Levels
  
  S1: 111.19 (61.8 % Retracement level)
  
  S2: 111.00 (Psychological levels)
  
  S3: 110.62 (June 16th lows)

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