Patterns: GBP/JPY, AUD/JPY
|GBP/JPY 4H Chart: Selling signals
The British Pound has declined by 1.91% against the Japanese Yen since October 21. The GBP/JPY currency pair tested the 135.00 level during yesterday's trading session.
All things being equal, the exchange rate will most likely continue to edge lower during the following trading sessions. A breakout through the lower boundary of a descending channel pattern could occur.
However, given that the currency exchange rate has bounced off from the support line at 135.00, bullish traders might attempt to target the 137.00 level during the following trading sessions.
AUD/JPY 4H Chart: Bears likely to prevail
The Australian Dollar has declined by 1.99% against the Japanese Yen since this week trading sessions. The 50– period simple moving average provided resistance for the currency pair this week.
As for the near future, the AUD/JPY currency exchange rate is likely to continue to edge lower. Bearish traders could target the 71.00 level during the following trading sessions.
However, a support cluster at the 73.54 area could provide a barrier for bears within this week trading sessions.
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