The Australian Dollar has been trading in a two-week descending channel against the Japanese Yen. This decline started after the currency pair reversed from the upper boundary of a long-term channel down at 82.17.
Currently, the exchange rate is trading above a support cluster formed by the combination of the weekly, the monthly and the 50-hour simple moving average at 80.01 regions.
If the support cluster as mentioned above holds, a breakout through the upper boundary of the two weeks descending channel pattern at 80.09 could be expected within this session.
Meanwhile, technical indicators on the 4(H) time frame flash a bullish signal.
