AUD/JPY chart - Trading View
AUD/JPY was trading 0.07% higher on the day at 80.53 at around 12:00 GMT, after closing 0.15% higher in the previous session.
The pair is consolidating break below 200-DMA and outlook remains bearish. Bulls struggle to build on previous session's hammer formation.
Disappointing Australia Retail Sales data and escalating covid woes keep the antipodean depressed.
Australia's Retail Sales disappoint dropped by 1.8% in June, much more than a drop of 0.5% expected.
Analysts now forecast Australia's growth at 0.1% Q/Q, compared with 0.9% predicted in April, in light of the extended lockdowns and slow vaccination.
Further, escalating US-Sino tensions and virus woes keep risk sentiment sour and investors away from risky assets.
Momentum studies are bearish, recovery lacks traction, scope for further downside. Next major support lies at 200-week MA at 78.75.
On the flipside, 5-DMA is immediate resistance at 80.83. Bearish invalidation only above 200-DMA.
