The Australian Dollar has depreciated about 13.96% of its values against the Japanese Yen. The currency pair reached a historically low level at 70.7728 during Thursday’s trading session.
Presently, the exchange rate is gradually regaining his lost positions and aiming for the upper boundary of a descending channel pattern at 79.4973.
However, the 50-hour simple moving average at 77.301 could hinder the currency exchange rate from reaching the given target.
Moreover, technical indicators suggest that the AUD/JPY will end the week with bearish momentum.
Presently, the exchange rate is gradually regaining his lost positions and aiming for the upper boundary of a descending channel pattern at 79.4973.
However, the 50-hour simple moving average at 77.301 could hinder the currency exchange rate from reaching the given target.
Moreover, technical indicators suggest that the AUD/JPY will end the week with bearish momentum.
Note
The Australian Dollar is trading in a narrow ascending channel pattern against the Japanese Yen.
Currently, the currency pair is stranded between SMAs. The 200-hour simple moving average is providing resistance for the rate at 79.25, while the 50– and 100-hour SMAs are providing support at 77.57.
Technical indicators suggest that the currency exchange rate could continue its movement in the narrow ascending channel within this session.
Although, the AUD/JPY exchange rate could reverse from the current price level and aim for the weekly S3 at 76.23.
Note
The Australian Dollar has continued to trade in a junior ascending channel pattern against the Japanese Yen. Meanwhile, the 50– and 100-hour SMAs has helped the currency pair to breached the upper boundary of a dominant descending channel.
It is likely that the exchange rate will continue moving higher during the following trading sessions. The potential upside target for the currency exchange rate will be near the weekly R3 at 80.50.
However, technical indicators on the weekly time-frame chart demonstrate that there could be a fall in price within the coming days.
Note
The Australian Dollar has appreciated about 2.12% in values against the Japanese Yen since January 30. However, after hitting the upper boundary of a dominant descending channel pattern, the exchange rate began to decline.
The currency pair broke a junior ascending channel pattern during the Asian session on Thursday.
Given that a breakout had occurred, it is likely that the Aussie will continue its decline within this session.
The possible downside target in the shorter term will be near a support level formed by the weekly S3 at 76.75.
Note
The Australian Dollar has been appreciating in an ascending channel pattern against the Japanese Yen since the beginning of 2019. The currency pair gained about 2.20% in values during the past week.
Today’s trading session began with a bearish sentiment. A breakout occurred through the lower boundary of the channel pattern at 78.73 at the end of the Asian session on Thursday.
Given that a breakout had occurred, it is likely that the AUD/JPY exchange rate edges lower towards a support level at 78.07.
Although, the 200-hour SMA at 78.40 could provide support for the pair within this session.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.