The Australian Dollar has depreciated about 405 base points against the Japanese Yen since the middle of April. The currency pair has revealed a new junior descending channel pattern.
Currently, the AUD/JPY exchange rate is testing a resistance cluster formed by the combination of the weekly and the monthly pivot points at 76.53.
If this support level holds, a surge towards the 50-hour simple moving average could be expected in the short-term.
Although, if the currency exchange rate passes the PPs, a decline towards the monthly S3 at 74.95 could follow during the following trading sessions.
