The decline in the pace of the residential property construction in Japan lowered in August as compared to July. It is reported that the decline has been seen for the 3rd month in a row. However, the August decline (5.5%) is much lower than the June one (9.6%) and yields to analytic forecasts (7.5%).
The amount of new homes that were being constructed in August increased from 870 000 up to 888 000 units last month. Analysts had expected the amount to increase up to 872 000. The amount of new construction orders increased by 8.7% in August.
Forex.
According to , the Japanese Yen has weakened a bit against the US Dollar after a major rally. The experts report that USDJPY has finished forming wave А/В of level H16.
A further downswing may have difficulty overcoming 77.43, 77.37 and 77.12. The current bearish move will be completed as soon as the price consolidates above the 79.21 high (as shown below). If this is the case, the price may encounter resistance at 79.65.
