Downside risks have dominated the Australian Dollar against the Japanese Yen after the currency pair hit a strong resistance cluster formed by the weekly and the monthly PPs near 84.32 on June 7.
Following a test of the northern border of a newly formed junior pattern, bears took control of the market and as a result, the exchange rate breached both the 55-,100-, and 200-hour SMAs.
From a technical analysis point of view, the AUD/JPY currency exchange rate could be set for a further decline toward the lower boundary of an ascending channel during the following trading sessions.
