Japanese Yen Rallies: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Retreats As Traders Focus On The Results Of The Ruling Party Elections

USD/JPY is losing ground as traders react to the results of Japan’s ruling party elections. Former Defense Minister Ishiba will lead the party, making him the next Prime Minister.

From the technical point of view, USD/JPY did not manage to get out of the downward channel and settled in a range between the support at 141.80 – 142.50 and the resistance at 146.00 – 146.50.

EUR/USD Pulled Back As Traders Reacted To Germany’s Unemployment Rate Report

EUR/USD pulls back as traders react to Germany’s Unemployment Rate report, which indicated that Unemployment Rate remained unchanged at 6.0% in September. Today, traders will also focus on the Euro Area Economic Sentiment report. The report is expected to show that Economic Sentiment declined from 96.6 in August to 96.5 in September.

A successful test of the support at 1.1115 – 1.1130 will open the way to the test of the next support level, which is located in the 1.1000 – 1.1015 range.

AUD/USD Moved Lower As Precious Metals Pulled Back

AUD/USD moved lower as traders focused on the pullback in precious metals markets. Gold pulled back from historic highs, which was bearish for commodity-related currencies.

In case AUD/USD settles back below the 0.6850 level, it will head towards the nearest support level at 0.6815 – 0.6825.

NZD/USD Is Losing Ground As Consumer Confidence Report Missed Expectations

NZD/USD declined as traders reacted to ANZ Roy Morgan Consumer Confidence report, which showed that Consumer Confidence increased from 92.2 in August to 95.1 in September. Analysts expected that Consumer Confidence would grow to 101, so the report missed analyst expectations.

A move below the 0.6300 level will open the way to the test of the support at 0.6235 – 0.6250.

For a look at all of today’s economic events, check out our economic calendar.