Patterns: AUD/JPY GBP/JPY
|AUD/JPY 4H Chart: Bullish signals
The Australian Dollar has appreciated about 2.71% in value against the Japanese Yen since March 25. The currency pair reached March 5 swing high of 79.71 during Tuesday's trading session.
Currently, the exchange rate is gradually regaining some of its lost points and aiming for the upper boundary of a medium-term ascending channel pattern at the 80.00 area.
However, the weekly R1 at 79.71 could hinder the currency exchange rate from reaching the forecast.
Although, technical indicators suggest that the AUD/JPY currency pair will end this week's trading session with an upside momentum.
GBP/JPY 4H Chart: Decline likely to continue
The British Pound has depreciated about 3.32% in value against the Japanese Yen since the currency pair reversed from the upper boundary of a descending channel pattern at 148.78.
As for the near future, it is likely that the exchange rate continues its decline in the descending channel pattern.
The GBP/JPY currency exchange rate will target a support cluster formed by the combination of the weekly and the monthly pivot points at 142.94 during the following trading sessions.
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