Patterns: AUD/JPY, GBP/JPY
|AUD/JPY 4H Chart: Breaches channel pattern
The Australian Dollar versus the Japanese Yen depreciated about 0.95% in value during last week's trading sessions. The currency pair breached the bottom border of an ascending channel at 75.29 during the Asian session on Thursday.
The exchange rate tested a support cluster formed by the combination of the 100– and 200-hour SMAs and the weekly and monthly PPs at 75.21 during the morning hours of today's trading session.
If this support cluster holds, a surge towards the weekly R1 at 76.30 could be the target for bullish traders next week.
However, if the pair passes the cluster as mentioned above, a decline towards the swing low at 74.57 could be expected in the short term.
GBP/JPY 4H Chart: Pressure by 50– and 100-hour SMAs
The GBP/JPY currency pair has continued to edge lower after the pair reversed from the upper boundary of a descending channel pattern at 137.77. The British Pound has depreciated about 1.92% in value since July 1.
Everything being equal, it is likely that the exchange rate will continue its movement in the descending channel pattern during the following trading sessions. The potential target will be at 133.98.
However, a support level formed by the weekly S1 at 134.81 could provide support for the currency exchange rate in the nearest future.
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