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The rally on the AUD/JPY was halted on Thursday as the cross-pair retreated some 0.40% during the session on broad strength of the Japanese Yen. Hawkish comments by two officials of the Bank of Japan, weighed on the pair, which trades below the 111.00 mark at the time of writing.
💡 DMK Insight
The AUD/JPY’s recent retreat signals a shift in market sentiment, driven by hawkish Bank of Japan comments. With the pair trading below 111.00, traders should be cautious as this level could act as a resistance point. The strength of the Yen reflects broader risk-off sentiment, potentially impacting other pairs like AUD/USD and NZD/JPY. If the Yen continues to gain, we might see further downside in AUD/JPY, especially if economic data from Australia doesn’t support a bullish outlook. Keep an eye on the upcoming economic releases from both countries, as they could provide the catalyst for a breakout or further consolidation. Watch for a break below recent lows for confirmation of a bearish trend, or a rebound above 111.00 for a potential recovery play.
📮 Takeaway
Monitor the 111.00 resistance level closely; a break below recent lows could signal further downside in AUD/JPY.
