The AUD/JPY currency pair faced significant selling pressure during the Asian trading session, dropping toward its weekly low. Spot prices were seen trading around the 108.70 region, representing a decline of approximately 0.40% for the day. The downward move was triggered after the pair encountered fresh supply near the 109.40 resistance level. This decline is primarily attributed to a strengthening Japanese Yen, which has weighed on the Australian Dollar. Despite the current bearish momentum, market analysts suggest that the potential for further downside remains limited. Traders are now closely monitoring technical support levels as the pair stabilizes below the 109.00 psychological mark.
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