AUD/JPY has been trading in the upper ¥110s amid a weaker yen trend, briefly breaking above yesterday's intraday high after trading in a range. The pair showed little reaction to factors including the strength of the Bank of Japan's machinery orders data.
AUD/JPY traded in a range from the morning of 16 September, resulting in subdued activity, but after midnight the yen's weakness gained a slight upper hand. The pair briefly broke above its intraday high and closed with the yen weaker. Japanese machinery orders exceeded market expectations year on year, but AUD/JPY showed no particular reaction. There were no major Australian data releases, and no comments from officials concerning relations between Australia and Japan were reported.
In today's technical analysis of AUD/JPY, the order book shows strong buy orders in the low ¥109s and heavy buying interest in the upper ¥110s. At the same time, sell orders are particularly heavy in the low ¥110s, with substantial selling interest also observed around ¥114. Orders at these levels have been placed near the current price and are attracting attention.
Over the past 24 hours, correlation analysis for AUD/JPY showed a strong relationship with EUR/JPY and correlations with USD/JPY and GBP/JPY, while an inverse correlation trend was observed with EUR/USD, GBP/USD and AUD/USD. As of 17 September, the dollar was strong among the major eight currencies, while the yen was moving around zero and the Australian dollar was also trading around zero.
The economic events scheduled for release today include the Bank of Japan's monetary policy meeting (Day 1) and the Bank of England's interest-rate announcement and minutes. Attention remains focused on AUD/JPY's real-time movements and order-book conditions.