The Australian Dollar has surged by 1.79% against the Japanese Yen since last week trading sessions. The currency pair breached the weekly resistance level at 76.04 on August 5.
As for the near future, bullish traders are likely to pressure the exchange rate higher in the shorter term. The potential target for the AUD/JPY pair will be at the 77.50 level.
However, the weekly R2 at 76.52 could provide resistance for the currency exchange rate during the following trading sessions.