The Australian Dollar has surged by 6.74% against the Japanese Yen since June 1. The currency pair tested the upper boundary of an ascending channel pattern at 76.75 on June 8.
All things being equal, the AUD/JPY exchange rate could edge lower during the following trading sessions. Bearish traders could target the bottom border of the ascending channel at 73.05.
However, the monthly support level at 73.30 could provide support for the currency exchange rate in the short-term.
