The Australian Dollar has been declining in a descending channel pattern against the Japanese Yen since September 1. The currency pair breached the lower boundary of the channel pattern at 74.00 on September 28.
The exchange rate has declined by 2.00% since last week’s trading sessions. Most likely, the AUD/JPY pair could continue to edge lower during the following trading days.
However, a support level at 74.50 could provide support for the currency exchange rate in the nearest future.
