USD/JPY rose to the mid-¥158 range. Higher crude oil prices may have prompted dollar buying, while an analysis of the order book on the 13th highlighted concentrations of buy orders and areas of focus for sell orders.
USD/JPY weakened yesterday, with higher crude oil prices said to have possibly prompted dollar buying. With market participation expected to be limited, the pair moved toward a weaker yen across the Japanese and US holidays. Remarks by Howard, president of the Cleveland Fed, also suggested at times that interest rates could remain high.
As of the 13th, chart analysis showed that buy orders in the order book were concentrated in the mid-¥157 range, with substantial buy orders also confirmed near ¥156. These were located near support levels and are believed to be attracting market attention. Meanwhile, sell orders were heavy near ¥159, while a long line of sell orders was observed in the lower half of the ¥158 range.
A correlation analysis of USD/JPY and other currency pairs found a weak correlation with GBP/JPY over the past 24 hours, while EUR/USD, GBP/USD and AUD/USD showed strong inverse correlations. EUR/JPY showed an inverse correlation, while AUD/JPY showed a weak inverse correlation. The results of an analysis by the correlation-check tool were also presented.
In a strength analysis of the 8 major currencies, the dollar was the strongest and the Swiss franc the weakest in the latest period. The yen remained broadly in negative territory before turning positive after the date changed. The dollar showed a steadily strong performance.