AUD/JPY Declines Near Weekly Lows as Japanese Yen Strengthens

The AUD/JPY currency pair faced renewed selling pressure during the Asian session, retreating toward its weekly lows. The pair was last seen trading around the 108.70 region, marking a daily decline of approximately 0.40%. This downward move follows a failure to sustain momentum above the 109.40 resistance level, leading to a break below the 109.00 psychological mark. Analysts attribute the decline primarily to a strengthening Japanese Yen, which has weighed on the Australian Dollar across the board. Despite the current bearish momentum, some market observers suggest that further downside potential might be limited in the absence of major fundamental catalysts. Investors are now closely monitoring technical support levels near the previous day's trough to gauge the next directional move.