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The Aussie Dollar depreciates against the Japanese Yen on Wednesday, down by more than 1%, courtesy of broad Yen’s strength, courtesy of the landslide victory of Prime Minister Takaichi over the weekend. At the time of writing the AUD/JPY trades at 109.23.
💡 DMK Insight
The Aussie Dollar’s drop against the Yen signals a shift in market sentiment following Takaichi’s victory. With the AUD/JPY trading at 109.23, this decline reflects broader trends in risk appetite and currency strength. Traders should note that the Yen’s recent strength is likely tied to expectations of more aggressive monetary policy from Japan, which could further pressure the AUD. This situation is critical for day traders and swing traders alike, as the 109.00 level could act as a psychological support. If breached, it may open the door for further downside. On the flip side, if the AUD finds support and rebounds, it could indicate a potential reversal, especially if commodity prices strengthen. Keep an eye on the upcoming economic data releases from both Australia and Japan, as they could provide additional volatility. Monitoring the 109.00 and 110.00 levels will be key in determining the next moves in this pair.
📮 Takeaway
Watch the AUD/JPY closely around the 109.00 support level; a break could lead to further declines, while a rebound may signal a reversal.
