The Australian Dollar has surged by 7.15% against the Japanese Yen since the beginning of April. A junior ascending channel pattern is currently guiding the currency pair higher.
As for the near future, the exchange rate will most likely continue to surge in the junior ascending channel pattern. Bulls could target a resistance cluster formed by the monthly R1 and the weekly R2 at the 71.71 area next week.
However, given that the currency exchange rate is currently trading near the bottom border of the junior channel, a breakout could occur during the following trading sessions.
