The AUD/JPY currency pair has continued to decline in a descending channel pattern since the middle of April. The currency exchange rate tested the upper boundary of the channel pattern at 75.83 during yesterday’s trading session.
If the resistance level formed by the upper border of the descending channel pattern holds, the exchange rate will continue its downward swing during the following trading sessions.
However, if a breakout occurs, a surge towards a resistance cluster formed by the 200-hour simple moving average and the weekly R3 at 76.91 could occur in the nearest future.
