Dollar-yen traded in a narrow range in the low ¥157 range today, with limited direction throughout the day. The order book showed heavy buy orders near ¥157 and in the mid-¥156 range, and heavy sell orders near ¥160 and in the low ¥158 range.
Yesterday, dollar-yen moved slightly in the direction of a stronger yen, but range-bound trading continued, and the pair showed little reaction even as the US 10-year Treasury yield rose. Although the Case-Shiller Home Price Index came in above market expectations, it was not viewed as a factor supporting a weaker yen or weaker dollar. Comments by New York Federal Reserve President Williams prompted speculation about a possible rate hike toward year-end.
Today, 30 September, attention is focused on the “Order Book” in chart analysis using OANDA Securities’ MT5. Buy orders near ¥157 are particularly heavy and may be functioning as a support line. Meanwhile, sell orders near ¥160 are heavy and are believed to be serving as resistance. Buy orders in the mid-¥156 range and sell orders in the low ¥158 range were also identified.
Among the eight major currencies, including the US dollar and yen, the yen was the strongest and the Australian dollar the weakest over the past 24 hours. The dollar remained in positive territory while fluctuating, and traded steadily from the early hours onward.
Today’s main economic indicators are scheduled to include the status of foreign-exchange intervention operations at 19:00 Japan time, the September ADP employment report at 21:15, and the PCE and GDP releases at 21:30.