AUD/JPY weakens to revisit 76.00 as RBA minutes seem dovish

RBA minutes emphasize labor market numbers to determine the next policy move.
Statements like "No strong case" for a near-term change in policy were ignored by the sellers.

Anil Panchal FXStreet

The AUD/JPY pair dropped to revisit 76.00 mark after minutes of the Reserve Bank of Australia’s (RBA) latest monetary policy meeting highlighted the importance of labor market data to determine its next moves on early Tuesday.

In addition to emphasizing employment data for further moves, which are soft off-late, another dovish sign could be received from the minutes’ drop of statements like "No strong case" for a near-term change in policy.

The pair have been positive off-late as not only Australia’s general election results pleased buyers but temporary relief to China’s Huawei by the US Commerce Department also played its role.

The risk tone reacted positively to the aforementioned events, in addition to the US President Donald Trump’s readiness to talk to Iran, during early Tuesday. The global barometer of risk sentiment, the US 10-year treasury yield, gains more than one basis points to 2.426% by the press time.

It should also be noted that the latest comments from Japanese policymakers did little to disturb the pair buyers.

Looking forward, lack of economic data/events could keep investors stick to political news headlines for fresh impulse. Among them, the US-China and the US-Iran stories could get higher attention.

Technical Analysis

A sustained break of three-week-old descending trend-line, around 76.35/40 now, becomes necessary for the quote to aim for May 10 highs near 77.30 and then target 78.00 round-figure during further upside.

Alternatively, 75.70, 75.30 and 75.00 can confine the pair’s near-term declines ahead of shifting sellers’ attention to July 2016 bottom near 74.60.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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