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.

Joshua Gibson FXStreet

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.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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