AUD/JPY Price Forecast: Strengthens above 114.50 as bullish technical setup holds
The AUD/JPY cross trades in a positive territory near 114.60 during the early European session on Tuesday. Stronger-than-expected Chinese economic data provides some support to the China-proxy Australian Dollar (AUD) against the Japanese Yen (JPY).
The AUD/JPY currency pair is trading near 114.60 in early European session on Tuesday. Positive Chinese economic data boosted the Australian Dollar (AUD) against the Japanese Yen (JPY). China's Manufacturing Purchasing Managers Index (PMI) rose to 51.5 in August, surpassing the market expectation of 50.9. Markets are pricing in a near 73% chance of a Bank of Japan (BoJ) rate hike later in the month, but analysts suggest the central bank requires stronger follow-through.
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