Since June 27, the AUD/JPY currency pair has appreciated about 1.49% in value. The Aussie tested a resistance level formed by the weekly R1 at 76.32 on June 1.
The exchange rate bounced off a support cluster formed by the weekly and the monthly PPs and the combination of the 50– and 200-hour SMAs at the 75.28 regions during yesterday’s trading sessions.
As a result, a surge towards a psychological resistance level at the 77.00 marks could occur before the end of this week’s sessions.
However, the weekly R1 at 76.32 might still provide resistance for the currency exchange rate.
