The Aussie has been trading in a channel down against the Japanese Yen since early January. The currency pair hit the upper boundary of a senior channel on January 22 and has since remained bearish.
During the past few weeks, the currency exchange rate has regained some of its lost points and has moved closer to the border of a junior channel for a likely breakout.
Everything being equal, the AUD/JPY pair could be set for a surge. In addition, traders should watch out for the aforementioned breakout.
