Forecasts for AUD to JPY
Based on recent forecasts and currency market updates, the outlook for the AUD to JPY exchange rate is quite uncertain. FX analysts have noted that the Australian dollar is heavily influenced by factors such as commodity prices, trade policies, and political developments. The major Australian banks have downgraded their forecasts for the Aussie dollar, with some predicting a potential decline below US60¢. This is mainly due to incorrect assumptions about improved Chinese demand for iron ore and a softer US dollar.
On the other hand, the Japanese yen is influenced by factors such as the US-Japan interest-rate gap, changes in global oil prices, and its safe-haven status. Goldman Sachs predicts further weakness in the yen, with the USDJPY pair potentially falling to 155, which would be the lowest level since the 1990s.
In terms of recent price data, the AUDJPY pair has been trading close to 90-day highs near 96.66, which is 2.1% above its 3-month average. The pair has maintained a relatively stable range between 92.73 and 96.66. Additionally, the price of oil in USD has experienced significant volatility, with the Brent Crude OIL/USD pair currently trading at 95.38, which is 11.7% above its 3-month average.
Given the uncertainty surrounding both the Australian and Japanese economies, it is essential for individuals and businesses to closely monitor the market and consult with professionals before making any currency exchange decisions.
