The Australian Dollar has surged by 2.66% against the Japanese Yen since June 20. The currency pair breached the 50– and 100– period simple moving averages during this period.
Technical indicators suggest buying signals on the 4-hour time frame. Therefore, bullish traders are likely to pressure the exchange rate higher during the following trading sessions.
However, a resistance cluster formed by the weekly R1 and the monthly pivot point at the 74.44 area could prevent bulls from driving the price higher in the shorter term.
