The Australian Dollar is gradually edging higher against the Japanese Yen. The currency pair has appreciated by 2.03% in value since August 8.
The exchange rate is currently trading between the 50– and 100– hour SMAs. The 100– hour simple moving average is providing resistance at 72.31, while the 50– hour SMA is providing support at 71.90.
Everything being equal, the currency exchange rate will likely continue to gain strength during the following trading session. The potential target for bullish traders would be near a resistance cluster formed by the 200-period SMA and the combination of the monthly S1 and the weekly R2 at 74.02.
