The Australian Dollar has surged by 370 pips or 5.05% against the Japanese Yen since the beginning of November. The currency pair breached the 50-, 100– and 200– period SMAs during this week’s trading sessions.
Technical indicators suggest buying signals on the 4 hours, daily and weekly time-frame charts. Most likely, the exchange rate could continue to edge higher in an ascending channel pattern during the following trading sessions.
However, a resistance level at the 77.00 level could provide resistance for the currency exchange rate within this week’s trading sessions.
