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AUD/JPY chart - Trading View
AUD/JPY was trading 0.13% higher on the day at 80.13 at around 10:00 GMT, extends bounce off 21-EMA support.
The pair is extending range trade. Successive Doji formation on the weekly charts suggests indecision.
The Australian dollar fails to benefit from upbeat PPI data. Risk-off markets amid US-China tensions and discouraging Novavax vaccine news weigh.
Australian PPI grew to 0.5% QoQ in Q4, beating -0.1% forecast and 0.4% previous readings. Further details suggest the yearly figures also recovered from -0.7% market expectations to -0.1%.
Novavax unveiled 89.3% efficacy of its covid vaccine during the phase 3 trials. Additionally, US stimulus gridlock, recession fears and US-China tussle dent market sentiment.
The pair is holding above strong support at 21-EMA. Breach there will see some weakness. 200W MA is major support at 79.00. Breach below will negate any further gains.
