In Tokyo trading, the yen was bought after Bank of Japan Governor Ueda showed a cautious view on raising interest rates.
Also, the minutes from the Reserve Bank of Australia (RBA) showed concern about the global economy and said that a 50-point rate cut might not be enough. This caused the Australian dollar to fall to 92.06 yen. However, the price stopped falling and started to recover.
In the New York market, the U.S. job openings report (JOLTS) was better than expected, and news about a possible U.S.-China leaders’ meeting this week made investors more willing to take risks. This pushed the Australian dollar up to the 93 yen level.
Around 93 yen is an important technical level, so the price rise slowed down there. But since buying interest remains strong, the price may go higher. Still, because of market uncertainty, the rise may be limited. A strategy of selling when the price goes up may be suitable.
Australian Dollar-Yen Expected Range: 92.60 yen – 93.60 yen
Note: This information does not guarantee profits. Please make your own decisions when trading.