AUD/JPY faces persistent downside pressure, trading at 108.90 as market unease over AI industry scrutiny boosts the Yen and BoJ minutes signal continued policy tightening.
The cross trades around 108.90 on November 6, capped beneath the 100-day SMA at 111.80 with the RSI at 36.91 near oversold, confirming a bearish bias. Hawkish BoJ September minutes released Thursday, with most policymakers agreeing further rate hikes are appropriate, support the Yen. Safe-haven JPY demand from AI-sector fears adds downside pressure toward 108.64 and 107.70 support.
The Yen is strengthening on safe-haven demand amid fears of tighter scrutiny of the AI industry, and the BoJ's September minutes released Thursday reinforced expectations of further rate hikes, both weighing on the cross.
Below 108.64, the October 15 low, the next targets are 107.70 (February 13 low) and 106.08 (January 26 low). Upside resistance sits at 109.15, then 110.00, 110.40, and the 100-day SMA at 111.80.
The AUD/JPY cross is trading near 108.90, pressured by a strengthening Japanese Yen amid safe-haven flows and hawkish Bank of Japan policy signals. September meeting minutes revealed a broad consensus among policymakers for further rate hikes, reinforcing a bearish technical outlook as the pair remains capped below its 100-day moving average.
The Yen is strengthening on safe-haven demand amid fears of tighter scrutiny of the AI industry, and the BoJ's September minutes released Thursday reinforced expectations of further rate hikes, both weighing on the cross.
Below 108.64, the October 15 low, the next targets are 107.70 (February 13 low) and 106.08 (January 26 low). Upside resistance sits at 109.15, then 110.00, 110.40, and the 100-day SMA at 111.80.