The Australian Dollar has depreciated massively against the Japanese Yen since the beginning of August. The currency pair made a U-turn from its upper boundary of a descending channel on August 8 and had since declined by 287 base points or 3.46%.
However, during the end of yesterday session, the exchange rate bounced off the monthly support level at 79.71 and slightly gaining strength.
By the Asian session on Thursday, the pair tested the upper border of the descending channel. Technical indicators on both the daily and the weekly time frames demonstrate that bulls are likely to grow stronger during the following days.
