#AUDJPY @ 90.9700 renews intraday low after RBA Minutes, sluggish yields also weigh on prices. (Pivot Orderbook analysis)

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• AUD/JPY renews intraday low after RBA Minutes, sluggish yields also weigh on prices.
• RBA Minutes disappoints hawks by citing l
• US 10-year Treasury bond yields snap two-day uptrend amid US default woes, anxiety ahead of the key US data.
• BoJ’s defense of early money policy, mixed sentiment prod AUD/JPY bulls.

The pair currently trades last at 90.9700.

The previous day high was 91.32 while the previous day low was 90.15. The daily 38.2% Fib levels comes at 90.87, expected to provide support. Similarly, the daily 61.8% fib level is at 90.6, expected to provide support.

AUD/JPY takes offers to refresh the intraday low near 91.00, reversing the week-start run-up, as the Reserve Bank of Australia’s (RBA) latest monetary policy meeting minutes disappoint the Australia Dollar (AUD) buyers on early Tuesday. Apart from the RBA Minutes, the sluggish US Treasury bond yields also exert downside pressure on the cross-currency pair.

RBA’s May month monetary policy meeting minutes fail to justify the latest hawkish surprise as it cited that easing inflation pressure. The Minutes also showed the policymakers’ concerns about the sluggish productivity growth weighing on the AUD/JPY prices.

Also read: RBA Minutes: Board considered pausing or hiking 25 basis points in may policy decision

Additionally, the US 10-year Treasury bond yields drop back to 3.49% after a two-day uptrend as market sentiment weakens ahead of the key US debt ceiling talks. Furthermore, anxiety before the key US Retail Sales and China data dump also prods the week-start optimism and lures the risk barometer AUD/JPY pair.

That said, the latest comments from United States House Speaker Kevin McCarthy saying, “I don’t think we’re in a good place,” seem to weigh on the sentiment amid fears of deadlock on the US debt ceiling extension as Republicans may stick to their demand.

Moving on, China’s data dump for April, comprising Industrial Production and Retail Sales for April may entertain the AUD/JPY pair traders. More importantly, headlines surrounding the US debt ceiling talks and the Bank of Japan (BoJ) should be watched carefully for clear directions.

Despite the latest retreat, AUD/JPY sellers need to conquer the previous resistance line from early May, now immediate support near 91.00, to retake control.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 91.16 at the time of writing. Pair opened at 91.2 and is trading with a change of -0.04% % .

The pair is trading above its 20 Daily moving average @ 90.25, above its 50 Daily moving average @ 89.38 , above its 100 Daily moving average @ 90.26 and below its 200 Daily moving average @ 92.04

The previous day high was 91.32 while the previous day low was 90.15. The daily 38.2% Fib levels comes at 90.87, expected to provide support. Similarly, the daily 61.8% fib level is at 90.6, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 90.46, 89.72, 89.29
• Pivot resistance is noted at 91.63, 92.06, 92.8

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