The Australian Dollar has been gaining strength against the Japanese Yen after the currency pair bounced off the bottom border of an ascending channel pattern at 78.50 on October 26.
Currently, the exchange rate is trading above a support cluster formed by the combination of the weekly, the monthly PPs and the 50-hour simple moving average at 82.07.
If this support cluster as mentioned earlier holds, the currency exchange rate will aim at the weekly R1 at 83.14 within this session.
However, the AUD/JPY pair could reverse from the current price level and breaks the ascending channel pattern today.
