The Australian Dollar has been trading in a channel down against the Japanese Yen since January after the pair reached the upper boundary of a dominant channel. However, a new junior ascending pattern has been spotted which was formed on March 23.
The AUD/JPY currency pair is gradually moving north. Nevertheless, a resistance set by the monthly pivot point at 83.96 was restricting the rate to continue it upward moves. Furthermore, during the last few days, the exchange rate has been trading sideways.
A breakout from the 200– hour simple moving average is expected during the following trading sessions. If and when this occurs, it could encounter a support cluster formed by the combination of the weekly and the monthly PPs at the 82.05 mark.
