During the last week, the Australian Dollar appreciated about 1.82% against the Japanese Yen. This surge was stopped by a resistance level set by the weekly R1 at 79.72.
The exchange rate tested the lower band of an ascending channel during the morning hours of Thursday’s trading session.
If a support level formed by the bottom border of the channel pattern as mentioned earlier holds, bullish traders could push the currency pair towards a psychological resistance level at 80.00 during the following trading sessions.
Meanwhile, technical indicators flash sell signals on the weekly time frame chart.