AUD/JPY 4H Chart: Bounces Off Support

The AUD/JPY currency pair bounced off the lower boundary of an ascending channel pattern at 82.55 on March 25. As a result, the Australian Dollar has surged by 2.34% against the Japanese Yen during the past two weeks.

All things being equal, the exchange rate is likely to continue to edge higher during the following trading sessions. The potential target for bullish traders will be near the 86.00 level.

However, the weekly resistance level at 84.64 could provide resistance for the currency exchange rate in the shorter term.