Patterns: AUD/JPY, CAD/JPY
|AUD/JPY 4H Chart: Bears likely to prevail
The Australian Dollar has declined by 112 pips or 1.31% against the Japanese Yen since this week's trading session. The currency pair breached the 50– period SMA on May 13.
Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, the exchange rate could continue to edge lower during the following trading session.
However, a support line at 84.50 could provide support for the AUD/JPY currency exchange rate in the shorter term.
CAD/JPY 4H Chart: Bull run to continue
Upside risks have continued to pressure the CAD/JPY currency pair higher since the beginning of this month. The Canadian Dollar has surged by 2.42% against the Japanese Yen since May 1.
All things being equal, the exchange rate could continue to trend bullish during the following trading sessions. The potential target for bullish traders would be near the weekly R2 at 91.45.
However, the upper boundary of an ascending channel pattern at the 91.00 level could provide resistance for the currency exchange rate this week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.