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USDJPY : Gains Pauses After Housing Data

US Dollar pared its gains today against Japanese Yen after the release of Housing data. On the 4 hour cart,the pair was earlier consolidating between the contracting trend lines and broke out from the resistance trend line finding resistance at 102.34. 

The pause in gains came after the Census Bureau reported that Building Permits which is an indicator of future demand for housing fell 2.4% in March missing the economist’s expectation for an increase of .6%. 

US Commerce Department said that Housing starts rose 2.8% missing the economist’s expectation for an increase of 6.4%. 

From the stochastic Oscillator on the chart we can infer that the pair is in the overbought zone and the pair will experience some selling pressure.