Since the beginning of February, the Australian Dollar has surged by 2.58% in value against the Japanese Yen. The currency pair tested the 200– period simple moving average on February 19.
As for the near future, the exchange rate will most likely continue to edge higher. The potential target for bullish traders will be near the upper boundary of a descending channel pattern at 75.55 during the following trading sessions.
However, the AUD/JPY currency exchange rate has to surpass the 200– period SMA before reaching the given target.
