AUD/JPY unmoved just above 81.50 following bland RBA Policy Statement
|- The Aussie remains uninspired by the RBA's Monetary Policy Statement.
- With the JPY on the rise from positive GDP figures, the AUD/JPY looks set for a third straight day of declines.
The AUD/JPY is trading into 81.70 following the Reserve Bank of Australia's (RBA) Statement of Monetary Policy, which saw little new information for traders as the central bank remains firmly entrenched within its wait-and-see pattern, while the RBA hopes that a continued decline in the Aussie against the US Dollar will see some kind of economic revival for Australia by boosting exports.
The Aussie is trading into the extreme downside against the Japanese Yen, steering into the bearish end of consolidation that has been the hallmark of the AUD/JPY pair for most of 2018; traders are having a hard time of finding reasons to bid up the Aussie, with constant tensions through the broader market about trader wars keeping the JPY buoyant as the safe-haven of choice, and Australia's economy struggling to develop wheels under itself, while the RBA has stood pat on all policy decisions for two years straight.
Japan saw a welcome bounce in GDP figures in Friday's early markets, easing off of the brakes after the first quarter's contraction, further helping the Yen catch some buying action. The RBA SoMP marked the end of meaningful data for this week for either currency, and now broader-market risk sentiment will be seeing the AUD/JPY off into the weekend.
AUD/JPY levels to watch
The AUD is trading into five-week lows against the Yen, and bulls will be hoping for a bounce from the 82.50 level in order to make a last-ditch run at the week's high of 82.80, though selling pressure remains high and popular swing low points from 80.50 to 81.10 remain nearby.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.