The Australian Dollar has surged by 155 pips or 2.06% against the Japanese Yen since last week’s trading sessions. The currency pair bounced off from a support level at 75.50 on November 19.
All things being equal, the AUD/JPY exchange rate could continue to surge in an ascending channel pattern during the following trading sessions. The possible target for bulls would be at the 79.00 area.
However, the weekly R2 at 77.35 could provide a technical barrier for the currency exchange rate in the short-term.
