The Australian dollar witnessed an increase against the Japanese yen by approximately 0.6% in today’s trading. There are expectations that the Australian dollar will have a better picture in 2024 thanks to expectations that the Chinese economy will improve, eliminating its current performance toward recovery, in addition to the Bank of Japan’s position on interest rates.

The Australian dollar had declined against the yen due to profit-taking and correction operations, as Friday’s trading had favored the yen, but that did not last long, followed by today’s trading and the policies of the Bank of Japan due to adherence to the monetary policy, which is described as very easy, considering that the Bank of Japan is the only bank that adheres to this. Lean policies, which reduce investment opportunities in the yen in favor of other currencies.

The Australian dollar as a whole rose by 3.1% against the US dollar, specifically due to the acceleration in the selling of the US currency due to anticipation of a reduction in US interest rates.

As for the four-hour technical indicators, the Relative Strength Index is moving at the 50 levels and the MACD is on its way towards a positive intersection towards the zero levels.

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.