USD/JPY bottomed during the European session at 124.16 but then bounced to the upside boosted by US housing data. Following Wall Street opening bell peaked at 124.46, slightly below daily highs that lie at 124.51. Currently it trades around 124.35/40, practically unchanged for the day. Despite a better-than-expected reading on US housing starts for July, partly offset by a decline in building permits, greenback failed to rise above 124.50. The rally from the lows again found resistance around the mentioned level. Since last Thursday USD/JYP has been unable to rise clearly above 124.50. If it manages to consolidate on top, it could open the doors for further gains. On the downside, the immediate support continues to be 124.15 and below the 124.00 area, followed by 123.75 (August 12 low).