AUD/JPY Consolidates Near 111.00 as Bullish Momentum Faces Technical Test

The AUD/JPY currency pair is currently softening slightly, trading near the 111.00 level as it enters a consolidation phase following its recent sharp surge. This pause in price action follows a significant rally triggered by higher-than-expected Australian CPI data, which fueled market bets on further RBA rate hikes. From a technical perspective, the pair maintains its overall bullish momentum despite the current minor pullback. Analysts note that the outlook remains positive as long as the price stays above the 100-day Exponential Moving Average (EMA), which serves as a key support level. Market participants are now closely watching these technical boundaries to confirm if the upward trend will persist amid the ongoing monetary policy divergence between Australia and Japan.