AUD/JPY gains momentum for the second straight day, rebounding from recent eight-month lows as positive Chinese economic data and RBA policy expectations bolster the Aussie against a struggling Yen.
The AUD/JPY pair is experiencing a sustained recovery, marking two consecutive days of gains as it rebounds from an eight-month low of approximately 108.65. This upward momentum is driven by a combination of a hawkish Reserve Bank of Australia (RBA) stance and positive economic indicators from China, which bolster the Australian Dollar against a persistently weak Japanese Yen.
The pair touched an eight-month low of approximately 108.65 last Thursday.
The pair has seen follow-through buying for two consecutive days.
The AUD/JPY cross extends its recovery for a second consecutive session, climbing away from the 108.65 support level hit last Thursday. Bullish momentum is driven by a hawkish Reserve Bank of Australia stance and positive Chinese GDP data, which offsets persistent weakness in the Japanese Yen.
The pair is recovering due to a combination of a hawkish Reserve Bank of Australia, positive GDP data from China, and continued weakness in the Japanese Yen.