AUD/JPY Price Forecast: Rally extends further to near 114.30 as hawkish RBA bets accelerate
The Australian Dollar (AUD) trades 0.13% higher at around 114.30 against the Japanese Yen (JPY) during the European trading session on Wednesday.
The Australian Dollar (AUD) saw a 0.13% increase, trading around 114.30 against the Japanese Yen (JPY) during Wednesday's European trading. This rise was driven by stronger-than-expected Australian Consumer Price Index (CPI) data for July, which outperformed market expectations. Traders have boosted their predictions of a Reserve Bank of Australia (RBA) interest rate hike at the September 28-29 meeting, pushing from 10% to 32%.
This shift has also influenced Deutsche Bank's expectations, with their economist now anticipating a 25 basis point September hike, up from his previous call for a pause. The AUD/JPY pair is bullish in the near term, having broken above the 20-period exponential moving average at 113.09 and staying in positive Relative Strength Index (RSI) territory at 62.38.
Support can be found at the 20-day EMA at 113.09, which may act as a dynamic floor on pullbacks. If AUD/JPY holds this level, buying pressure is likely to continue, with potential for further gains.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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