AUD/JPY Price Forecast: Edges higher above 113.00, bullish bias prevails above 100-day SMA
The AUD/JPY cross trades in positive territory near 113.00 during the early European session on Monday. The Japanese Yen (JPY) softens against the Australian Dollar (AUD) amid weaker-than-expected Japanese Gross Domestic Product (GDP) data.
The AUD/JPY exchange rate rose above 113.00 during the early European session on Monday, as the Japanese Yen weakened against the Australian Dollar due to weaker-than-expected Japanese GDP data. Analysts noted that while the Japanese economy expanded at a decent pace in Q2, government consumption highlighted the impact of expansionary fiscal policies under Takaichi's administration.
Traders are waiting for the release of the Australian July employment report and Japan's National Consumer Price Index inflation data. The AUD/JPY is holding a bullish bias above the 100-day simple moving average, with key support levels identified at 112.21 and 111.63, and resistance near 113.88 and 114.67.
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