AUD/JPY still correcting

AUD/JPY Chart Fundamental Analysis for 23 August 2023

The Australian dollar (AUD) and Japanese yen (JPY) are two major currencies that are often traded against each other. The AUD/JPY exchange rate is currently trading at 93.00, down from 93.50 at the start of the week.

There are a number of factors that could influence the AUD/JPY exchange rate in the near future. On the economic front, Australia is expected to release its latest employment data on Thursday. This data is likely to be closely watched by traders, as it could provide an indication of the strength of the Australian economy.

Meanwhile, Japan is scheduled to release its latest inflation data on Friday. This data is also likely to be important for the AUD/JPY exchange rate, as it could influence the Bank of Japan's monetary policy stance.

Technically, the AUD/JPY exchange rate is trading near the support level of 93.00. If this level is broken, the exchange rate could fall to 92.50 or even lower. However, if the exchange rate manages to hold above 93.00, it could move back up to 93.50 or even higher.

Overall, the outlook for the AUD/JPY exchange rate is mixed. The economic data from Australia and Japan could have a significant impact on the exchange rate in the near future. Traders should also keep an eye on the technical indicators, as these could provide clues about the direction of the exchange rate.

I hope this post is helpful.
This analysis represents only my personal thoughts and knowledge at the date it is posted.
This analysis does not represent professional and/or financial advice.
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