AUD/JPY Price Forecast: Weakens below 109.50, bearish outlook prevails under the 100-day SMA
The AUD/JPY cross trades in negative territory around 109.30 during the early European trading hours on Thursday. Traders remain on high alert for currency intervention from Japanese authorities to prop up the Japanese Yen (JPY).
The EUR/JPY currency pair has slipped below 177.00 near the nine-day Exponential Moving Average (EMA) after two consecutive days of losses. Based on technical analysis of the daily chart, the pair appears to be within a descending channel pattern, indicating a bearish trend. At present, the EUR/JPY pair is trading under both the nine- and 50-period EMAs, suggesting ongoing downside risk.
The 14-day Relative Strength Index (RSI) of 46 implies neutral-to-soft momentum rather than an oversold condition, allowing potential for further corrective pressure. Analysts at MUFG suggest that rising domestic demand is becoming a significant factor in the Japan Government Bond market.
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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