AUDJPY Chart Technical Outlook trades lower on an expected monetary policy divergence
AUD/JPY is under pressure this month due to the expected divergence between the RBA’s and BoJ’s monetary policies. As disinflation continues in Australia, the RBA is expected to start cutting rates. The BoJ hiked the interest rate by 15 bps and signaled an upcoming reduction in bond purchases. More downside price action is expected in the pair. It has support levels of 98.65 and 97.80. Resistances are located at 99.90 and 101.75.
