AUD/JPY 4H Chart: Slight Upside Move Still Likely

Upside risks have been dominating the Australian Dollar against the Japanese Yen since October 10 after the currency pair made a U-turn from the lower boundary of an ascending channel pattern at 72.00.

Bullish momentum will likely continue to dominate the AUD/JPY exchange rate within the following trading sessions. The potential target will be at the 76.12 regions.

However, the currency exchange rate is expected to make a brief retracement towards a support cluster formed by the weekly S1 and the 100– period SMA at 73.83 in the nearest future.