Following a reversal from the upper boundary of a dominant descending pattern on May 22, the Australian Dollar has been trading in a two-week channel down against the Japanese Yen.
The currency pair bounced off the bottom border of an uptrend line where the weekly support level at 81.06 is located and started moving upwards. However, the rate has encountered a strong resistance set by the combination of the 100– and 200– hour SMAs and the monthly PP near the 82.43 mark.
If the aforementioned resistance cluster holds, the AUD/JPY currency exchange rate could continue its downward movement during the following trading sessions.
