AUD/JPY slumping on the low end ahead of RBA minutes
- The Aussie couldn't deliver on Monday's risk-on markets.
- RBA, mid-tier Japan data on the docket for today.
The AUD/JPY finished Monday flat, lacking enough momentum to go either way and is testing near 81.70 heading into Tuesday's Asia session.
RBA inbound with Meeting Minutes
The Reserve Bank of Australia (RBA) will be dropping their Meeting Minutes at 00:30 GMT early Tuesday and traders will be looking for an explanation for the RBA dropping the 3% target from their growth rhetoric at the last interest rate decision. The RBA is already widely expected to stand pat on interest rates for 2018 in the face of sluggish growth for the Australian economy.
The Asia markets seem to have shaken off the government sale scandal that has hammered public confidence in the Japanese ruling government. The Prime Minister, Shinzo Abe, is considered largely responsible for the alteration of documents involved in the sale of government land to a school operator with personal ties to PM Abe and his wife, Akie Abe.
Japan will see the Leading Economic Index and the Coincidence Index today at 05:00 GMT and market analysts are expecting the Leading Index to come in at 106.2 (prev. 104.8) and the Coincidence Index at 119.1 (previous 114.0).
AUD/JPY levels to consider
The pair hasn't been able to garner any momentum after halting last week's decline and is churning near the last low of 81.25, while resistance piles up from yesterday's high of 82.00 with last week's swing low at 83.50.