The Australian Dollar has been moving in several channels down against the Japanese Yen. The most important of which is the medium-term descending channel form on June 7 and has guided the currency pair lower. During the past few days, the exchange rate has been trading sideways within the range of 81.73 and 80.77. Given that the AUD/JPY currency exchange rate has breached the upper boundary of the descending channel, the nearest target for the pair could be a strong resistance level near 82.62 set by the combination of the 55-,100-,200-hour SMAs and the monthly and weekly PPs.
Comment
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After hitting the upper boundary of both the senior and the junior patterns at 84.54 On June 6, the AUD/JPY exchange rate changed its sentiment and began a new wave down. However, during the past two weeks, the Australian Dollar has been moving sideways against the Japanese Yen. The decline has sent technical indicators to be on a neutral zone, especially in the shorter term. Everything being equal, a breakout from the trading could be expected during the following trading sessions. In addition, technical sentiment suggests that the decline could continue in the longer term.