The AUD/JPY cross drifts lower during the Asian session on Tuesday and moves away from its highest level since 2007, around the 107.80-107.85 region touched the previous day.
AUD/JPY pulls back from its highest level since 2007 touched on Monday. The less hawkish RBA minutes prompts bulls to take profits off the table. The technical setup makes it prudent to wait for a near-term consolidation. Spot prices currently trade around the 107.25 region, though any meaningful corrective decline still seems elusive.
” Its main tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will strengthen the Australian Dollar and vice versa. Other RBA tools include quantitative easing and tightening.
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