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AUDJPY Awaits a Double Data Drop on Tuesday

The AUDJPY exchange rate is on the brink of a significant event, with a crucial double data drop scheduled for Tuesday. 

AUDJPY – Daily Chart

AUDJPY – Daily Chart 

AUDJPY is coiling in a resistance zone, and the path ahead will be a breakout or a correction. The levels are 99 and 96. 

The Bank of Japan, the only central bank maintaining an ultra-loose monetary policy, is preparing to announce its latest decision on Tuesday, coinciding with the Reserve Bank of Australia’s (RBA) policy update. With interest rates in Japan remaining at -0.1% since 2016, the BoJ’s cautious stance is driven by concerns over slowing wage increases and sustainable inflation. It’s worth noting that the Bank of Japan introduced a distinctive Yield Curve Control (YCC) policy in September 2016, which it has been hesitant to modify. 

The current price action shows an Australian dollar running out of steam, and the monetary policy announcements on Tuesday could create movement.

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