AUD/JPY chart - Trading View
AUD/JPY gapped down in the week's opening trade as Turkish action dented investor sentiment, driving weakness in the pair.
Turkey's President Tayyip Erdogan decided to replace hawkish central bank governor with a like-minded critic of high-interest rates.
Speculation that the decision might lead to short covering by Japanese individual investors (invested in Turkey lira for its high rates) led to spike in yen.
Phase 3 study showed AstraZeneca covid vaccine is safe and highly-effective, Reuters reports, citing the University of Oxford release.
Markets shrug off the encouraging vaccine news and the pair continues to trade weaker.
Price action has slipped below 200H MA and has tested 21-EMA support. Break below will drive more weakness.
Major supports are seen at 82.54 (23.6% Fib), 81.94 (55-EMA) and 80.03 (110-EMA). 5-DMA is immediate resistance at 84.36 ahead of 200 month MA at 84.66.
