- The Aussie sees the RBA’s Meeting Minutes on-deck for early Tuesday.
- A dovish RBA has hobbled the AUD recently, and the trend is likely to continue.
The AUD/JPY is trading above 82.57 heading into the Tokyo market session after the pair lifted through the majority of Monday’s trading, but slid to end the day. The pair pared off most of the day’s gains, but still managed to finish up overall.
Tuesday brings the Reserve Bank of Australia’s (RBA) Meeting Minutes from their previous meeting that saw the central bank stand pat on interest rates once again, and traders will be looking into the specific meeting minutes to derive a sense of how dovish the RBA is likely to continue being.
This week is a quiet showing for the Yen, and the JPY will resume playing second fiddle across the broader markets as traders focus on other economies.
AUD/JPY levels to watch
The AUD/JPY staged a mild recovery last week, jumping from a recent low of 81.13 and clearing the 82. handle, but downside pressure remains high with resistance from the 50-day EMA at 82.80. A Bullish break higher will need to take a run at April’s high near the 84.00 major handle while a bearish continuation will see further support from March’s lows at 80.50.
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