AUD/JPY hovers around 102.00 during the European session on Wednesday.
AUD/JPY could continue its winning streak due to improved risk appetite. The Australia n Dollar depreciateddue to the less hawkish RBA despite higher inflation in March. The Japan ese Yen struggles despite the potential for intervention by Japan ese authorities. The Australia n Dollar declined following the Reserve Bank of Australia 's decision to keep its interest rate at 4.35% on Tuesday, which added pressure on the AUD/JPY cross.
According to Reuters, data from the Bank of Japan indicated that Japanese authorities may have allocated approximately ¥6.0 trillion on April 29 and ¥3.66 trillion on May 1 to bolster the JPY. However, these interventions were only able to offer temporary relief, given the substantial interest rate differentials between Japan and the United States . The Japanese Yen faces challenges despite prevalent warnings from Japanese authorities regarding extreme currency fluctuations.
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