With the first time Home Buyer’s Credit ended in April, this release is likely to show a significant decline…  Here is the forecast:

10:00am NY Time   New Home Sales      Forecast 424K     Previous 504K
ACTION:  USD/JPY          BUY 500K          SELL 350K

We’ll trade this release using a deviation of 70K; if the release is lower, it would strengthen risk aversion sentiment and we should look to SELL USD/JPY; if the number is higher, it could provide a temporary risk appetite sentiment, we may see a slight rally in USD/JPY and provide a chance to go short on JPY crosses.

With the first time Home Buyer’s Credit ending in April, this release is the final stretch for U.S. homeowners to claim that credit.  Therefore, we could see a stronger than expected release this month.  Here is the forecast:

10:00am NY Time   New Home Sales      Forecast 425K     Previous 411K
ACTION:  USD/JPY          BUY 500K          SELL 350K

With the first time Home Buyer’s Credit coming to an end, March and April will be the final stretches for U.S. homeowners to claim that credit.  Therefore, we could see a stronger than expected release this month (March release).  Here is the forecast:

10:00am NY Time   New Home Sales      Forecast 326K     Previous 308K
ACTION:  USD/JPY          BUY 400K          SELL 260K

10:00am NY Time   New Home Sales      Forecast 318K     Previous 309K
ACTION:  USD/JPY          BUY 390K          SELL 250K

We’ll be looking for a possible trade from the New Home Sales figure, which is expected at 318K; our tradable deviation is 70K, and if the release is lower, it would strengthen risk aversion sentiment and we should look to SELL USD/JPY or possibly the USD/CHF pair as well; if the number is higher, it would fuel risk appetite sentiment, we may see a rally in USD/JPY or USD/CHF and possibly further downward pressure on the already uncertain EUR/USD pair.