The Australian Dollar has declined by 2.71% against the Japanese Yen since September 1. The currency pair breached the lower boundary of an ascending channel pattern at 76.67 on September 16.
Given that a breakout has occurred, bears are likely to pressure the exchange rate lower during the following trading sessions. The potential target for bearish traders would be at the 75.50 level.
However, the monthly support level at 75.98 could provide support for the AUD/JPY currency exchange rate within this week’s trading sessions.
