Patterns: AUD/JPY, CAD/JPY
|AUD/JPY 4h chart: Bulls could prevail
The Australian Dollar has edged higher by 2.17% against the Japanese Yen since April 25. The currency pair tested the 85.00 level during the Asian session on Friday.
As for the near future, the AUD/JPY exchange rate is likely to continue to trend bullish. Bullish traders could target the 86.00 area within the following trading sessions.
However, the weekly resistance level at 85.04 could provide resistance for the currency exchange rate during the following trading sessions.
CAD/JPY 4h chart: Could make brief retracement
Upside risks have continued to pressure the Canadian Dollar higher against the Japanese Yen. The CAD/JPY currency pair has surged by 4.93% since the middle of April.
All things being equal, the exchange rate is likely to continue to trend higher during the following trading sessions. The potential target for bullish traders could be near the 92.00 level.
In the meantime, the currency exchange rate would make a brief retracement towards the 200– period simple moving average at 87.50.
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