AUD/JPY remains under pressure from yen strength, trading in the lower ¥112s. Today's technical analysis shows heavy buy orders in the upper ¥110s and around ¥110 in the order book, while sell orders around ¥115 stand out.
Yen strength prevailed yesterday, and AUD/JPY ended trading under pressure from the stronger yen. Reports said that expectations of an acceleration in the Bank of Japan's interest-rate hikes were supporting yen appreciation, and AUD/JPY traded in the direction of further yen strength before closing at levels skewed toward yen appreciation.
According to today's (4 September) chart analysis of AUD/JPY, the order book shows heavy buy orders in the upper ¥110s and around ¥110, suggesting that these levels may be attracting attention for some reason. Heavy sell orders are also present around ¥115, while somewhat heavier selling has been observed in the upper ¥111s.
Correlation analysis over the past 24 hours between AUD/JPY and other major currency pairs showed strong correlations with USD/JPY, EUR/JPY and GBP/JPY. Conversely, strong inverse correlations were observed with EUR/USD, GBP/USD and AUD/USD.
The economic indicators scheduled for release today include Canada's August unemployment rate and employment change, as well as the US August unemployment rate and change in nonfarm payrolls.