AUD/JPY Pair Stays Under Pressure Amid Renewed Selling Momentum

The Australian Dollar versus Japanese Yen (AUD/JPY) pair continued to decline as renewed selling pressure took hold, despite the Reserve Bank of Australia's recent interest rate hike widening the yield gap in favor of the Aussie.

The hike raised the policy rate by 25 basis points to 4.6%, increasing the Australian Dollar's yield advantage over the Japanese Yen and making Australian assets more attractive relative to their Japanese counterparts.

However, this structural move has not yet halted the bearish pressure in the AUD/JPY pair, which remains well below key moving averages on all timeframes.

The current price of AUD/JPY is ¥109.11, down 0.63% from its opening value, and is expected to range between ¥108.23 and ¥110.19 over the next five days, according to technical analysis.