FxWirePro: AUD/JPY trades in narrow range, outlook strongly bullish

AUD/JPY chart - Trading View 

AUD/JPY was trading in a narrow range with session high at 80.553 and low at 80.228.

The pair is consolidating previous session's surge and is on track for further gains.

Weak Aussie trade surplus and US-China tensions weigh on the upside, but technical bias remains bullish.

Data released earlier today showed Australia's trade surplus narrowed to A$ 5,022 million in November from October's $7,456 million and missed forecasts of A$ 6,200 million. 

Meanwhile, Building Permits increased by 2.6% m/m in November, beating the estimate of 2.5% following October's 3.8% rise. 

Further, overnight chaos in the US capitol coupled with US-China tensions is likely to keep risk assets depressed in the short-term. 

AUD/JPY trades with a strong bullish bias. The pair has shown a break above 21W MA and is on track to test 110 month EMA at 81.47.

5-DMA is immediate support at 79.78. Break below will see dip till 21-EMA at 78.73. Violation at 21-EMA could change near-term bias.