AUD/JPY is hitting a major technical resistance area ahead of the monthly CPI release in Australia! In case you missed the latest overall market summary, you should know that traders are riding a risk-friendly wave as traders price in potential interest rate cuts by major central banks like the Federal Reserve and the European Central Bank. The AUD/JPY pair, in particular, is receiving additional support from Bank of Japan officials who are telling us of their plans to “proceed cautiously” with inflation targeting frameworks that could lead to monetary policy tightening.
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