AUSSIE-YEN: AUD/JPY has oscillated within a tight....>

AUSSIE-YEN: AUD/JPY has oscillated within a tight range around neutral levels so

far. The rate sits at Y75.94, barely changed, after rising 20 pips yesterday.

- Monday's gains were underpinned by solid macroeconomic data released out of

China, which soothed the nerves of investors. GDP numbers broadly met

expectations (with a slight beat noted in the Q/Q metric), while retail sales

and industrial output were firmer than expected. Risk appetite picked up as a

result, driving the rate higher before it consolidated later in the day.

- After AUD/JPY briefly showed above Y76.00 yesterday, bulls continue to target

this psychologically significant level. A break here would shift their focus to

Y76.29/32, where the rate peaked on Jul 1/Jun 10. Bears look for a dive below

Y75.68, which represents the 50% retracement of the YtD range. The 50-DMA

provides the next layer of support below, at Y75.55.

- Focus today falls on RBA July MonPol meeting minutes, due at 02:30 BST/11:30

AEST.