Patterns: AUD/JPY, CAD/JPY
|AUD/JPY 4H chart: Tests 83.00 level
The Australian Dollar has declined by 189 pips or 2.23% against the Japanese Yen since June 11. The currency pair tested the 83.00 level during yesterday's trading session.
All things being equal, the exchange rate could continue to trend bearish during next week's trading sessions. A breakout through the lower line of a descending channel pattern could occur today.
However, if the channel pattern holds, the AUD/JPY currency exchange rate would make a brief retracement towards the 84.50 area in the shorter term.
CAD/JPY 4H chart: Decline likely to continue
The Canadian Dollar has declined by 206 pips or 2.26% against the Japanese Yen since the beginning of June. The currency pair breached the 50– and 200– hour SMAs during this week's trading sessions.
As for the near future, the CAD/JPY exchange rate could continue to decline. Bearish traders are likely to target the 88.00 level during the following trading sessions.
However, the weekly support level at 89.17 could provide support for the currency exchange rate in the shorter term.
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