Amid reports of remarks by the US Treasury Secretary warning against yen depreciation, USD/JPY moved in favor of a stronger yen, with market movements from 9 to 10 September reported. The article covers trading conditions centered around the mid-¥153 range.
On 9 September, USD/JPY was dominated by yen strength, with the yen strengthening gradually. Remarks by the US Treasury Secretary warning against yen depreciation were reported, suggesting that the market may have been affected by their content. Intraday trading shifted into a range, and the session closed with the yen on the stronger side.
The 10 September technical analysis of USD/JPY provides details on order-book conditions. Thick buy orders were identified around ¥152 and ¥153, while sell orders were distributed from the upper ¥152s to the upper ¥163s, with particularly thick sell orders around ¥160. The analysis suggests that these levels may function as support and resistance.
The USD/JPY correlation analysis found that EUR/JPY, GBP/JPY and AUD/JPY showed strong correlations with USD/JPY over the past 24 hours, while EUR/USD, GBP/USD and AUD/USD showed strong inverse correlations. The article provides guidance on where to check the correlation-monitoring tool.
In an analysis of the relative strength of the 8 major currencies, the yen was identified as the strongest currency and the New Zealand dollar as the weakest over the past 24 hours. The yen traded in positive territory, while the dollar was reported to have traded around zero from around the change of date.