The Australian Dollar has declined by 1.55% in value against the Japanese Yen since January 16. The currency pair breached both the 50-, 100– and 200– hour SMAs during this period.
As for the near future, the AUD/JPY exchange rate could continue to trade southward. Bearish traders could target the monthly S1 at 74.58 during the following trading sessions.
A potential upside reversal might occur from the support cluster formed by the weekly S3 and the monthly S1 at the 74.69 area within next week’s trading sessions.
