The Australian Dollar has declined by 148 basis points or 2.11% against the Japanese Yen since this week’s trading sessions. The currency pair tested the bottom border of an ascending channel pattern at 68.74 on Thursday morning.
Given that the AUD/JPY exchange rate is currently trading near the lower boundary of the ascending channel pattern, a breakout could occur during the following trading sessions.
However, if the ascending channel pattern holds, the currency exchange rate will most likely maintain the upward trend during next week’s trading sessions.
Meanwhile, technical indicators suggest that bulls could prevail in the market in the nearest future.
