The Australian Dollar has declined significantly against the Japanese Yen since February 20. The currency pair has edged lower by 19.10% in value during the past month.
Currently, the exchange rate is trading near the bottom border of a descending channel pattern at 60.80 and could be set for a breakout.
If this breakout occurs, bears will most likely continue to dominate the AUD/JPY pair within the following trading sessions.
However, if the channel pattern holds, the currency exchange rate would make a brief upside movement, and the possible target will be at the 50– period SMA at 66.19 in the short-term.
