The Australian Dollar has surged by 2.07% against the Japanese Yen since the beginning of August. The currency pair breached the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, bearish traders could pressure the AUD/JPY exchange rate towards the 200– period simple moving average at 75.52 during the following trading sessions.
However, the 100– hour SMA at 75.95 could provide support for the currency exchange rate within this week’s trading sessions.
