The Australian Dollar versus the Japanese Yen depreciated about 0.95% in value during last week’s trading sessions. The currency pair breached the bottom border of an ascending channel at 75.29 during the Asian session on Thursday.
The exchange rate tested a support cluster formed by the combination of the 100– and 200-hour SMAs and the weekly and monthly PPs at 75.21 during the morning hours of today’s trading session.
If this support cluster holds, a surge towards the weekly R1 at 76.30 could be the target for bullish traders next week.
However, if the pair passes the cluster as mentioned above, a decline towards the swing low at 74.57 could be expected in the short term.