Patterns: GBP/JPY, AUD/JPY
|GBP/JPY 4H Chart: Could make brief retracement
The British Pound has surged by 3.03% against the Japanese Yen since the middle of August. The exchange rate tested the upper boundary of an ascending channel pattern at 142.50 on August 31.
As for the near future, the currency pair could continue to edge higher. A breakout through the upper boundary of an ascending channel pattern could occur during the following trading sessions.
On the other hand, the currency exchange rate could make a brief retracement towards a support cluster at 140.45 within this week's trading sessions.
AUD/JPY 4H Chart: could edge higher
The Australian Dollar has surged by 3.62% against the Japanese Yen since the middle of August. The AUD/JPY currency pair hit 2020 high level at 78.48 on August 31.
All things being equal, the exchange rate could continue to trend bullish during the following trading sessions. The next target for Bullish traders would be at the 79.50 level.
However, the weekly resistance level at 78.48 could provide resistance for the currency exchange rate within this week's trading sessions.
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