The Australian Dollar has continued to depreciate in a descending channel against the Japanese Yen. The currency pair decline by 1.31% in value during last week’s trading sessions.

The exchange rate was trading near a support cluster formed by the combination of the weekly and the monthly pivot points at 73.91 during the morning hours of Thursday’s trading session.

If this support cluster holds, a breakout through the upper boundary of the channel pattern could occur within the next 48 hours.

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However, if the pair breaks the cluster as mentioned earlier, bears could drive the rate further south during next week’s trading sessions.

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