Today, AUD/JPY is trading in the upper ¥110s as the yen weakens, with trading expected to remain within a narrow range during the day. The order book shows heavy buying in the lower ¥110s and heavy selling around ¥111.
Yesterday, AUD/JPY moved toward a weaker yen before shifting toward a stronger yen in the evening, but trading remained within a narrow range and ended with the yen weakening across the day boundary. Reports citing sources close to the Bank of Japan said the October meeting was likely to leave policy rates unchanged, and no major Australian economic indicators were released.
Today's technical analysis shows heavy buy orders in the lower ¥110s in the order book, concentrated near the support line. Heavy buying was also confirmed around ¥108, apparently reflecting attention to round numbers.
Meanwhile, sell orders are heavy around ¥111, with activity targeting the area near the resistance line. Selling is also heavy in the mid-¥108s, and orders at the level viewed as support are drawing attention.
Correlation analysis over the past 24 hours showed that GBP/JPY was strongly correlated with AUD/JPY, while correlations with EUR/JPY, EUR/USD and AUD/USD were also confirmed. USD/JPY and GBP/USD showed weak correlations. In currency-strength terms over the past 24 hours, the pound was the strongest and the dollar the weakest, while the yen fluctuated around 0.