AUD/JPY moves away from monthly low set on Wednesday, climbs closer to mid-94.00s

Share:

• AUD/JPY scales higher for the second straight day and recovers further from the monthly low.
• The risk-on environment undermines the safe-haven JPY and benefits the risk-sensitive Aussie.
• Speculation for a hawkish shift by the BoJ to limit losses for the JPY and keep a lid on the cross.

The AUD/JPY cross builds on the previous day’s late recovery from the 93.25-93.20 area, or its lowest level since June 9 and gains some positive traction for the second successive day on Thursday. Spot prices climb to a two-day high, around the 94.40 region during the Asian session and now look to extend the momentum further beyond the 100-hour Simple Moving Average (SMA).