Patterns: GBP/JPY, AUD/JPY
|GBP/JPY 4H Chart: Faces support cluster at 142.76
The British Pound has edged higher by about 2.81% in values against the Japanese Yen during the last week. The currency pair reached January 25 high levels at 145.00 during the early hours of today's session.
As for the near future, the currency exchange rate is likely to continue moving in an ascending channel pattern until it reaches the upper boundary at the 147.49 region.
Though, it is expected that the GBP/JPY currency pair makes a brief pullback towards a support cluster formed by the 50– and 100-hour SMAs at 142.76 during the following trading sessions.
AUD/JPY 4H Chart: Moving towards target at 78.07
The Australian Dollar has been appreciating in an ascending channel pattern against the Japanese Yen since the beginning of 2019. The currency pair gained about 2.20% in values during the past week.
Today's trading session began with a bearish sentiment. A breakout occurred through the lower boundary of the channel pattern at 78.73 at the end of the Asian session on Thursday.
Given that a breakout had occurred, it is likely that the AUD/JPY exchange rate edges lower towards a support level at 78.07.
Although, the 200-hour SMA at 78.40 could provide support for the pair within this session.
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