The Australian Dollar has appreciated about 2.12% in values against the Japanese Yen since January 30. However, after hitting the upper boundary of a dominant descending channel pattern, the exchange rate began to decline.
The currency pair broke a junior ascending channel pattern during the Asian session on Thursday.
Given that a breakout had occurred, it is likely that the Aussie will continue its decline within this session.
The possible downside target in the shorter term will be near a support level formed by the weekly S3 at 76.75.
