- AUD/JPY oscillates in a narrow trading band for the third straight day on Tuesday.
- Traders opt to wait on the sidelines ahead of Australian CPI and BoJ on Wednesday.
- BoJ rate cut bets, a softer risk tone benefits the safe-haven JPY and caps the upside.
The AUD/JPY cross struggles to gain any meaningful traction during the Asian session on Tuesday and remains confined in a three-day-old range, well above a three-month low touched last week. Spot prices currently trade around the 100.85 region, nearly unchanged for the day as traders keenly await this week's important macro data and central bank event risks before placing fresh directional bets.
The quarterly Australian consumer inflation report is due for release on Wednesday, which might influence the Reserve Bank of Australia's (RBA) next policy move and drive the Australian Dollar (AUD). Apart from this, the official Chinese PMI prints will play a key role in providing some meaningful impetus to the China-proxy Aussie. The focus, however, remains glued to the crucial Bank of Japan (BoJ) policy decision, which should determine the near-term trajectory for the AUD/JPY cross.
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