The bullish sentiment that began early September has guided the AUD/JPY currency pair higher towards the upper boundary of a descending trend line at 82.50.
The exchange rate reversed from the upper border of the downtrend line a few days ago and currently trading near the bottom boundary of a one-month ascending channel at 80.54.
Given that the three SMAs are located above the price level, it is expected that the currency exchange rate breaks the one-month ascending channel pattern within this session.
Moreover, technical indicators suggest that the bearish momentum might aim at the monthly S1 at 79.76 during the following trading sessions.
