The Australian Dollar has depreciated about 2.36% in value against the Japanese Yen since November 7. The currency pair is currently testing a support cluster formed by the 200– period simple moving average and the combination of the weekly S2 and the monthly pivot point near the 73.93 area.
If the support cluster holds, a potential upside reversal could occur during the following trading sessions.
However, if the currency exchange rate breaks the 200– period SMA, bearish traders are likely to continue to dominate the AUD/JPY currency pair in the nearest future.
