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AUD/JPY – Back to 75.00?
Tomorrow the market is going to get a look at Aussie employment, which has held up relatively well despite the massive changes in the country’s economy over the past few years. The anticipation is that the country will generate another 10K jobs and if it meets its projections the chances of another RBA cut will be lessened.
In addition to the Aussie data the market will also get a read on the Fed when the FOMC minutes are released in late NY afternoon. The dollar has been positively destroyed because traders do not believe the Fed will do anything on rate this year. If the minutes show a hawkish bent, USD/JPY could reverse much of its selloff over the past 48 hours and could help fuel AUD/JPY towards 78.00 but if the tone of the minutes shows no serious desire to tighten and if the Aussie data later that day misses its mark, AUD/JPY could quickly tumble towards the 75.00 support zone.