Downside risks have been dominating the Australian Dollar versus the Japanese Yen since December 30. The currency pair declined by 3.45% in value during this period.
The AUD/JPY exchange rate bounced off a support level formed by the weekly S2 at 73.81 on January 8. The pair will most likely continue to edge higher in the short-term. The potential target will be near the weekly R1 at the 76.15 area
However, a resistance cluster formed by the weekly and monthly PPs and the combination of the 50– and 100– hour SMAs at 75.56 could provide resistance for the currency exchange rate within the following trading sessions.
