#AUDJPY @ 90.0820 is holding its auction above 90.00 ahead of RBA minutes and China GDP data. (Pivot Orderbook analysis)

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• AUD/JPY is holding its auction above 90.00 ahead of RBA minutes and China GDP data.
• Quick softening of Australia’s inflation must have provided the luxury of keeping rates steady at 3.60% to RBA.
• Support for the continuation of ultra-loose monetary policy by BoJ has impacted the Japanese Yen.

The pair currently trades last at 90.0820.

The previous day high was 90.1 while the previous day low was 89.51. The daily 38.2% Fib levels comes at 89.73, expected to provide support. Similarly, the daily 61.8% fib level is at 89.87, expected to provide support.

The AUD/JPY pair is making efforts in keeping its auction above the round-level resistance of 90.00 in the early Tokyo session. The risk barometer is expected to remain in action amid the release of the Reserve Bank of Australia (RBA) minutes.

Considering the sideways cues from the AUD/USD pair, AUD/JPY is showing a similar action.

The release of the RBA minutes will provide a detailed explanation behind the unchanged interest rate decision taken in April’s monetary policy meeting. Apart from that, cues about interest rate guidance will be keenly watched.

It is highly likely that the quick softening of Australia’s inflation must have provided the luxury of keeping rates steady at 3.60% to RBA Governor Philip Lowe. Investors should be aware of the fact that Australia’s monthly Consumer Price Index (CPI) has dropped to 6.8% from the peak of 8.4% recorded in December.

Also, RBA Lowe cited that the Australian economy is on track for a slowdown and inflationary pressures will keep on declining swiftly.

Apart from the RBA minutes, China’s Gross Domestic Product (GDP) data will be keenly watched. The street is anticipation a growth rate of 2.2% vs. a flat performance showed in the last quarter of CY2022. Annual consensus shows the economy has expanded by 4.0% against a 2.9% growth rate. Investors should note that Australia is the leading trading partner of China and higher Chinese GDP will also support the Australian Dollar.

On the Tokyo front, support for the continuation of ultra-loose monetary policy by Bank of Japan (BoJ) Governor Kazuo Ueda has impacted the Japanese Yen dramatically.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 90.09 at the time of writing. Pair opened at 89.66 and is trading with a change of 0.48 % .

The pair is trading above its 20 Daily moving average @ 88.51, above its 50 Daily moving average @ 90.06 , below its 100 Daily moving average @ 90.51 and below its 200 Daily moving average @ 92.41

The previous day high was 90.1 while the previous day low was 89.51. The daily 38.2% Fib levels comes at 89.73, expected to provide support. Similarly, the daily 61.8% fib level is at 89.87, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 89.42, 89.17, 88.84
• Pivot resistance is noted at 90.0, 90.34, 90.58

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