The AUD/JPY cross catches aggressive bids during the Asian session on Wednesday and spikes to the 95.90 region, or over a three-week high following th
AUD/JPY gains strong positive traction on Wednesday and rallies to over a three-week high. The Australian CPI lifts bets for a 25 bps RBA rate hike in November and boosts the AUD. A positive risk tone undermines the safe-haven JPY and contributes to the strong move up. e release of Australian consumer inflation figures. Data from the Australian Bureau of Statistics showed that the Consumer Price Index inflation grew 1.
That said, speculations that Japanese authorities will intervene in the FX market to combat a sustained depreciation in the JPY might hold back traders from placing aggressive bullish bets and act as a headwind for the AUD/JPY cross. Nevertheless, the aforementioned fundamental backdrop suggests that the path of least resistance for spot prices is to the upside. Even from a technical perspective, an intraday move above the 95.65 supply zone favours bullish traders.
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