AUD/JPY remains subdued today, trading in the late ¥109s as the yen continues to strengthen. The order book shows heavy buying around ¥109, while numerous sell orders have been observed in the mid-¥109s.
Yesterday, the yen strengthened in range-bound trading, and AUD/JPY closed lower on a yen basis. Activity in the major currency pairs remains subdued, with directionless trading continuing overall. There were no major Australian economic indicators released, and no remarks by senior officials concerning Japan-Australia relations were reported.
In today's (9 October) chart analysis, the order book shows buy orders lined up from around ¥107 to the mid-¥110s. Buy orders are particularly heavy around ¥109, which is being watched as a support line. Sell orders are also heavy in the mid-¥109s, with selling concentrated around the mid-¥108s.
Over the past 24 hours, AUD/JPY has shown a strong correlation with EUR/JPY, USD/JPY and GBP/JPY, and a weak correlation with AUD/USD. No notable inverse correlations were observed.
Among the eight major currencies over the past 24 hours, the Canadian dollar was the strongest and the Australian dollar the weakest. As of the morning, the yen is trading in positive territory, while the Australian dollar is in negative territory. Economic indicators due today are Canada's unemployment rate and employment change, and the US Michigan index.