The Australian Dollar has continued to edge lower against the Japanese Yen. The currency pair has declined by 3.72% in value since January 27.
The exchange rate made a U-turn from the lower boundary of a descending channel pattern at 72.46 during the beginning of this week’s trading sessions.
All things being equal, the AUD/JPY pair will most likely continue to surge in the shorter term. The possible target will be at the 75.00 area.
However, a resistance cluster formed by the 200– period simple moving average and the weekly R2 at 74.99 could provide resistance for the currency exchange rate during the following trading sessions.
