Downside risks have dominated the AUD/JPY currency pair since the beginning of October. The Australian Dollar has depreciated about 4.66% against the Japanese Yen.
The exchange rate is trading in a descending channel pattern, which was formed on October 2 and has pushed the price lower towards a two-year low level at 78.51.
However, the pair has bounced off the two years low level a few days ago, and as a result, the pair breached the upper boundary of the descending channel at 80.31.
Given that a breakout has occurred, the next target for the currency exchange rate will be near the upper boundary of a dominate descending channel at 82.06 during the following trading sessions
