Eyes AUD/JPY 94.00 Prior to the release of China's GDP, the focus shifts to the RBA Minutes.

The AUD/JPY pair is trading in a narrow range of 92.82-93.90 as investors anticipate the publication of China's National Bureau of Statistics' Gross Domestic Product (GDP) figures in Asia. The cross has been heading higher for an extended period, despite broader yen weakening.

It's worth mentioning that Australia is the world's largest exporter to China, and its better GDP figures will benefit the Australian dollar. The market consensus for China's annual GDP is 4.4 percent for the first quarter of CY22, down from 4% previously, while a preliminary estimate for China's annual industrial production is 4.5 percent, down dramatically from the previous number of 7.5 percent.

This week's big event will be the release of the Reserve Bank of Australia's (RBA) April monetary policy minutes. The minutes of the RBA will detail the mathematics underlying RBA Governor Philip Lowe's neutral stance. Additionally, information about Australian inflation will assist market participants in fine-tuning their strategies. Meanwhile, according to Reuters, the Bank of Japan (BOJ) is anticipated to maintain its ultra-loose monetary policy despite an upward revision to inflation expectations. Additionally, the agency claimed that the BOJ is projected to lift its fiscal 2022 inflation prediction to above 1.5 percent from the current 1.1 percent in April, while lowering its fiscal 2022 growth forecast from the current 3.8 percent.

AUD/JPY