The Australian Dollar has been moving in several channel down against the Japanese Yen. The most important of which is the medium-term descending channel form on June 7 and has guided the currency pair lower.
During the past few days, the exchange rate has been trading sideways within the range of 81.73 and 80.77.
Given that the AUD/JPY currency exchange rate has breached the upper boundary of the descending channel, the nearest target for the pair could be a strong resistance level near 82.62 set by the combination of the 55-,100-,200-hour SMAs and the monthly and weekly PPs.
