Patterns: AUD/JPY, GBP/JPY
|AUD/JPY 4H Chart: Pressure by 50-hour SMA
The 50-hour simple moving average has guided the AUD/JPY currency pair lower since last week trading sessions. The Australian Dollar depreciated about 2.12% in value against the Japanese Yen during this past week.
The narrow descending channel pattern could continue to guide the exchange rate lower within this week's trading sessions.
However, it is likely that the currency exchange rate makes a retracement towards the 50-hour simple moving average at 76.69 during the following trading days.
Meanwhile, technical indicators flash sell signals on both the 4(H) and the daily time frames chart.
GBP/JPY 4H Chart: Guided by narrow channel
A narrow descending channel pattern has guided the British Pound lower against the Japanese Yen since last week's trading sessions.
The exchange rate is currently testing a support cluster formed by the combination of the weekly and the monthly pivot points at 140.23.
If this support cluster holds, a breakout through the upper boundary of the narrow descending channel pattern might occur within this session.
However, if the currency exchange rate passes the monthly and weekly PPs as mentioned earlier, a decline towards the 136.00 mark could be expected in the short-term.
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