AUD/JPY Price Forecast: Weakens to near 112.50, near-term outlook remains bearish
The AUD/JPY cross trades in negative territory around 112.55 during the early European trading hours on Friday. The Japanese Yen (JPY) strengthens against the Australian Dollar (AUD) as traders remain on high alert for further currency intervention from Japanese authorities.
The AUD/JPY exchange rate is currently trading near 112.55, with a near-term bearish outlook as the Japanese Yen strengthens against the Australian Dollar. Traders are closely monitoring potential Japanese currency intervention, with former top currency diplomat Mitsuhiro Furusawa suggesting that Tokyo may join the US in joint intervention efforts.
The technical analysis indicates that the near-term bias is bearish, with the AUD/JPY currently trading below the Bollinger middle band and the 100-day moving average, and the Relative Strength Index (14) at 50.43, suggesting a consolidative tone. Immediate resistance is clustered around the Bollinger middle band at 112.70, followed by the 100-day moving average at 112.90.
A daily close above these levels could ease selling pressure and open the way toward the July 27 high of 114.67.
Brief written by urgent.news from FXStreet's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
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