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19 Sep 2017

AUD/JPY - Indecision ahead of RBA minutes release

AUD/JPY daily chart carries a Doji candle, which indicates indecision in the marketplace ahead of the RBA minutes release.

The currency pair hit a high/low of 89.34/88.56 on Monday before ending the day on a flat note at 88.79 levels.

RBA minutes release - watch for AUD jawboning

The RBA minutes are due today at 01:30 GMT. The policy statement released on September 4 carried a neutral tone. Thus, minutes are unlikely to offer a major hawkish/dovish surprise.

Nevertheless, the minutes may attempt direct/indirect AUD jawboning. That RBA sees strong Aussie as a threat to economic rebalancing is well known, hence, it may not move the AUD pairs. The AUD/JPY may feel the pull of gravity if the minutes stress the risks to household debt and weak wage growth numbers.

Currently, the AUD/JPY is bid around 88.90 levels. The Yen remains on the back foot with the US stocks at record highs and the strength in the US Treasury yields.

AUD/JPY Technical Levels

A break above 89.00 would expose 89.42 [July 27 high]. An end of the day close above the same would open doors for 90.00 [zero levels]. On the downside, an end of the day close below 88.56 [previous day's low] would confirm bearish Doji reversal and could yield a sell-off to 87.55 [Friday's low] and 87.00 [zero levels].

Key notes

AUD/USD analysis: Aussie down, hit from multiple fronts

AUD/USD Forecast: Cautiously bullish, focus on RBA and Fed

 

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