The 50-hour simple moving average has guided the AUD/JPY currency pair lower since last week trading sessions. The Australian Dollar depreciated about 2.12% in value against the Japanese Yen during this past week.
The narrow descending channel pattern could continue to guide the exchange rate lower within this week’s trading sessions.
However, it is likely that the currency exchange rate makes a retracement towards the 50-hour simple moving average at 76.69 during the following trading days.
Meanwhile, technical indicators flash sell signals on both the 4(H) and the daily time frames chart.
