AUD/JPY edges lower to near 98.70 during the European session on Wednesday.
AUD/JPY retraces its recent gains on risk-off sentiment on Wednesday. JPY could have received some support from the fear of intervention by Japanese authorities. Australian Dollar weakens as the ASX 200 Index extends losses. The prevailing risk-off sentiment bolsters demand for the safe-haven Japanese Yen . Moreover, investors are exercising caution amidst speculation that Japanese authorities may intervene in the markets to prevent a notable depreciation of the Yen.
In the Reserve Bank of Australia March minutes, the board indicated that they did not consider the option of raising interest rates. Despite acknowledging the uncertain economic outlook, the board perceived the risks to be generally balanced. Additionally, the board highlighted that it would take some time before they could express confidence in inflation returning to the target level.
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AUD/JPY Price Analysis: Gains momentum below the 99.00 mark amid the overbought conditionThe AUD/JPY cross gains traction below the 99.00 psychological barrier during the early European trading hours on Wednesday.
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