Friday’s trade saw AUD/JPY within the range of 86.43-87.42. The pair closed at 86.81, down 0.18% on a daily basis. It has been the fifth drop in the past ten trading days. In weekly terms, AUD/JPY gained 0.80%, following a 1.73% slump in the week ended on November 1st. The latter has been the sharpest weekly rate of decline since the week ended on September 27th, when the pair fell 1.83%.
On Monday (November 9th) AUD/JPY trading may be influenced by the macroeconomic reports listed below.
Fundamentals
Australia
ANZ Job Advertisements
At 0:30 GMT on Monday the Australia and New Zealand Banking Group (ANZ) will publish data regarding the number of job advertisements in Australia in October. It encompasses advertisements in the major metropolitan newspapers and on the Internet sites. The corresponding index, based on a survey by ANZ, climbed 3.9% in September compared to August, following another 1.0% surge in the preceding month. Septembers gain in advertisements has been the sharpest one since June 2014, when a gain rate of 4.4% was reported. This indicator is used for projecting growth in employment in Australia, as it reflects labor market conditions in the future. An increase in the number of jobs would have a limited bullish effect on the Australian dollar, while a decrease would have the opposite effect.
Correlation with Major Pairs
Taking into account the week ended on November 8th and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:
AUD/JPY to USD/CHF (0.3748, or moderate)
AUD/JPY to USD/JPY (0.3351, or moderate)
AUD/JPY to USD/CAD (0.1277, or weak)
AUD/JPY to AUD/USD (0.1139, or weak)
AUD/JPY to GBP/USD (-0.2413, or weak)
AUD/JPY to EUR/USD (-0.4326, or moderate)
AUD/JPY to NZD/USD (-0.6124, or strong)
1. During the examined period AUD/JPY moved strongly in the opposite direction compared to NZD/USD.
2. AUD/JPY moved to a moderate extent in the opposite direction compared to EUR/USD during the week, while moving to a moderate extent in one and the same direction with USD/CHF and USD/JPY.
3. The correlation between AUD/JPY and USD/CAD, AUD/JPY and AUD/USD, AUD/JPY and GBP/USD was insignificant during the period in question.
Daily and Weekly Pivot Levels
By employing the traditional calculation method, the Monday pivot levels for AUD/JPY are presented as follows:
Central Pivot Point – 86.89
R1 – 87.34
R2 – 87.88
R3 – 88.33
S1 – 86.35
S2 – 85.90
S3 – 85.36
By using the traditional method of calculation again, the weekly pivot levels for AUD/JPY are presented as follows:
Central Pivot Point – 86.65
R1 – 87.76
R2 – 88.72
R3 – 89.83
S1 – 85.69
S2 – 84.58
S3 – 83.62
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