AUD/JPY Holds Above 113.00 as BoJ Rate Hike Spurs Yen Strength

The AUD/JPY pair is trading around 113.25 during early European hours on Wednesday, edging slightly lower as the Japanese Yen gains ground. The move follows the Bank of Japan's decision to raise interest rates to their highest level in more than three years.

Despite the dip, the outlook remains constructive as long as the cross holds above the 113.00 support level. However, a neutral reading on the Relative Strength Index (RSI) points to possible consolidation in the near term.

Traders are watching for a break above recent highs to confirm bullish momentum, while a sustained move below 113.00 could shift the bias to the downside.