Patterns: AUD/JPY, GBP/JPY
|AUD/JPY 4H Chart: Moving towards 80.02
The Australian Dollar has been appreciating against the Japanese Yen since January 3 when the currency pair reversed from a historical low at 70.00. The rate has gained about 10.59% of its values beginning of this year. the beginning of this year.
The exchange rate is trading near the upper boundary of a descending channel pattern at 77.94 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will aim for a resistance level at 80.02.
However, if the descending channel pattern holds, the AUD/JPY pair will make a retracement towards the weekly and the monthly PPs at 75.33.
GBP/JPY 4H Chart: Likely to continue gaining strength
The British Pound has appreciated about 4.99% against the Japanese Yen since the pair reversed from July 2017 low at 132.89. The rate breached the 50-hour simple moving average at 138.03 on January 8.
As for the near future, it is expected that the currency pair continues to gain strength during the following trading sessions.
The GBP/JPY currency exchange rate will target a strong resistance cluster formed by the combination of the 200-hour SMA, the monthly and the weekly pivot points at 141.71 next 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.