The Australian Dollar has been appreciating in a three-week ascending channel against the Japanese Yen. This movement started on October 26 when the pair reversed from a support level at 78.14.
The exchange rate was trading near the upper boundary of a descending trendline at 82.35 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will target a resistance level at 83.85 during the following trading sessions.
On the other hand, if the breakout fails to occur, the AUD/JPY currency exchange rate will aim at the 100-hour simple moving average at 81.42 today.
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