The Australian Dollar bounced off the weekly S1 at 73.86 against the Japanese Yen during the beginning of this week’s trading sessions. The currency pair has appreciated by 93 basis points during this period.
As for the near future, the AUD/JPY exchange rate will most likely continue to edge higher. The potential target for the pair will be near a resistance cluster formed by the weekly R2 and the monthly R1 at 75.37.
However, the currency exchange rate needs to surpass the weekly R1, which is providing resistance for the price at 74.81 before reaching the given target.
