Patterns: AUD/JPY, GBP/JPY
|AUD/JPY 4H Chart: Bulls likely to prevail
The Australian Dollar has surged by 1.79% against the Japanese Yen since last week trading sessions. The currency pair breached the weekly resistance level at 76.04 on August 5.
As for the near future, bullish traders are likely to pressure the exchange rate higher in the shorter term. The potential target for the AUD/JPY pair will be at the 77.50 level.
However, the weekly R2 at 76.52 could provide resistance for the currency exchange rate during the following trading sessions.
GBP/JPY 4H: Buying signals
The British Pound has surged by 383 pips or 2.87% against the Japanese Yen since last week trading sessions. The currency pair tested the upper boundary of an ascending channel pattern at 139.00 on August 5.
Technical indicators flash buying signals, most likely, buyers could pressure the exchange rate higher. A breakout could occur through the upper line of the ascending channel pattern within this week's trading sessions.
However, if the channel pattern holds, bearish traders could push the currency exchange rate towards the 50– period SMA at 137.17 in the shorter term.
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