The Australian Dollar has been depreciating against the Japanese Yen since the middle of February after the AUD/JPY pair reversed south from the resistance line formed by the 200– period simple moving average.
From a theoretical point of view, the exchange rate will most likely continue to trade south within the following trading sessions. The pair could target the psychological support level at 69.00.
However, if the descending channel pattern holds, a possible upside reversal could occur and some upside potential could prevail in the market in the shorter term.
