AUD/JPY flat lines ahead of RBA minutes release

AUD/JPY is trading in the sideways manner around 77.60 levels in Asia as Aussie traders await the release of Reserve Bank of Australia (RBA) August Meeting minutes.

Rejected at 10-DMA

Bullish attempts were thwarted by the daily 10-MA located at 77.72 levels earlier today. Low volatility in the USD/JPY pair has left the cross largely at the mercy of the action in the AUD/USD pair, which could witness moves according to the message delivered by the RBA minutes later today.

Markets expect RBA to deliver a dovish message largely in line with the policy statement released earlier this month. However, it remains to be seen if the markets buy the central bank dovishness or reject it completely once again.

AUD/JPY Technical Levels

A break above immediate hurdle of 77.96 (50-DMA) would expose 78.68 (Aug 8 high). On the lower side, breach of support at 77.33 (Friday’s low) would open doors for a test of psychological support at 77.00.