AUD/JPY Extends Uptrend Amid BoJ Dovishness and RBA Hawkishness

The AUD/JPY currency pair has been trading positively for seven consecutive days due to several supporting factors. The Bank of Japan's (BoJ) recent dovish interest rate hike has led to a decline in the Japanese Yen's value, which is benefiting the Australian Dollar (AUD).

Meanwhile, the Reserve Bank of Australia (RBA) Governor Michele Bullock's hawkish remarks have also contributed to the AUD/JPY cross's uptrend. However, intervention fears might limit the pair's upside potential.

From a technical perspective, spot prices are hovering above the 100-day Exponential Moving Average (EMA) at 112.16, indicating a tentative bullish tone. The Moving Average Convergence Divergence (MACD) has turned positive, and the Relative Strength Index (RSI) is around 52, suggesting modest recovering momentum.

The AUD/JPY cross is currently trading near the 112.15-112.20 region, with nearby overhead supply stemming from a dense Fibonacci stack, the 50% retracement at 112.34 and the 61.8% level at 112.96. Any further move up may face initial resistance at these levels.

A deeper slide could expose the structural anchor of the current move around 109.68, while immediate support is provided by the 100-day EMA at 112.16.