The Australian Dollar has been depreciating in a descending channel pattern against the Japanese Yen. The channel pattern was formed on April 18 and has guided the currency pair lower.
The exchange rate is currently testing a resistance level formed by the 50-hour simple moving average at 75.96.
If the currency exchange rate passes the 50-hour SMA, a surge towards the weekly and the monthly pivot points at 77.62 could be expected next week.
However, if the 50-hour SMA holds, bearish traders could aim for a support cluster at 74.95 during the following trading sessions.
