The Australian Dollar has surged by 1.97% against the Japanese Yen since January 4. The AUD/JPY currency pair bounced off from a support level formed by the 50– period simple moving average at the 79.00 level during this week’s trading sessions.
As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of an ascending channel pattern could occur during the following trading sessions.
However, if the channel pattern holds, the currency exchange rate is likely to make a brief pullback towards the weekly pivot point at 79.21 next week.
