Upside risks have been dominating the Australian Dollar versus the Japanese Yen since October 26, after the currency pair made a U-turn from the lower boundary of a long-term descending channel pattern at 78.67.
The exchange rate was trading near a resistance cluster formed by the combination of the weekly and the monthly PPs at 84.21 during the first part of Tuesday’s trading session.
If the pair passes the resistance level, it could aim for the upper boundary of the long-term ascending channel at 85.39 during the following trading sessions.
