AUD/JPY 4H Chart: Bears market
|During the past week, the Australian Dollar has depreciated about 1.64% in value against the Japanese Yen. The currency pair was pressured down by the 50– and 100-hour SMAs.
By and large, it is likely that the AUD/JPY currency pair will continue its downward swing during the following trading sessions. The potential downside target will be near the bottom border of a medium-term descending channel pattern at 73.91.
However, a support cluster formed by the weekly and the monthly pivot points at 74.26 could hinder bears from dragging the currency exchange rate down in the nearest future.
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