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As the BOJ advocates a dovish approach, AUD/JPY is receiving buying activity near 90.50

Daniel Rogers

Dec 29, 2022 11:50

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In the early Asian session, the AUD/JPY pair is anticipating a respite in the corrective move to about 90.50. Previously, the risk barometer sank progressively after failing to continue its advance past the crucial resistance level of 91.00. As the continuing of the Bank of Japan's (BOJ) supportive stance has caused volatility in the Japanese yen, it is anticipated that the cross would experience a recovery move.

 

Meanwhile, the AUD/USD is exhibiting symptoms of abandoning its downward momentum, and the AUD/JPY is expected to follow suit.

 

As numerous nations enforce Covid safety restrictions on Chinese travelers, the Australian Dollar is expected to suffer complex price changes. After the lifting of lockdown restrictions and rapid reopening of the economy, the incidence of covid infections in China has grown dramatically. Health officials in the United States indicated that travelers from China will be forced to undergo COVID-19 testing.

 

The Chinese economy has already abandoned traveler quarantine laws. The hospital staff considers the current period as the busiest they have ever witnessed, citing the sharp spike in Covid-19 cases. The goal of the economy's reopening was to eliminate supply chain interruptions; yet, it appears that the economy's quick recovery has increased supply chain bottlenecks.

 

As reported by Reuters, on the Tokyo front the BOJ reiterated that the broadening of the yield band was meant to resolve market inefficiencies in 10-year Japanese Government Bonds (JGBs) and is not a prelude toward an exit from ultra-accommodative policy. This may result in greater yen depreciation in the future.


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