AUD/JPY chart - Trading View
AUD/JPY was trading comatose above 5-DMA support, outlook for the pair remains bullish.
Aussie has failed to benefit from upbeat China trade data which showed a jump of exports at 21.1% y/y and rise in imports by 4.5% in dollar terms in November.
Further, Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) upwardly revised its forecast for agricultural exports for the 2020/21 season, despite China tensions.
Upbeat China data and upwardly revised Aussie agricultural exports' forecast are AUD positive.
Technical bias for the pair is also bullish. Price action is consolidating above daily cloud and pullbacks have found support at hourly cloud.
Oscillators are bullishly aligned and MACD and ADX support gains. Scope for resumption of upside.
Next major bull target lies at 61.8% Fib at 78.67 ahead of 200W MA at 79.22. Breakout at 200W MA will buoy bulls. Bullish invalidation likely below daily cloud.
