The Australian Dollar appreciated about 80 base points against the Japanese Yen on Wednesday. The currency pair tested February 25 swing high of 126.34 during yesterday’s trading session.
The exchange rate is currently testing a support level formed by the 50-hour simple moving average at 125.98.
If this support level holds, the currency exchange rate will continue its movement in the medium-term ascending channel within this session.
However, if the EUR/JPY pair passes the 50-hour SMA, a potential downside breakout could be expected during the following trading session.
