The Australian Dollar has been strained in several channels down against the Japanese Yen. The exchange rate tested the upper boundary of a junior channel at 88.39 being followed by a strong period of decline. In the one-hour time frame, the currency pair breached the 62.80% Fibonacci retracement level and slowly moving south. This retracement can be measured by connecting the low at 81.26 and the high at 84.53. Everything being equal, the AUD/JPY exchange rate might continue trading in a descending channel because technical indicators suggest bears is likely to grow stronger during the following days.
