Patterns: GBP/JPY, AUD/JPY
|GBP/JPY 4H Chart: Could continue to edge up
The British Pound has soared by 260 pips or 1.90% against the Japanese Yen since last week's trading sessions. The exchange rate breached the 50– period simple moving average at 137.99 on November 23.
The currency pair is likely to continue to edge higher during the following trading sessions. The potential target for the GBP/JPY pair would be near the 142.00 level.
However, the weekly R3 at 140.47 could provide resistance for the currency exchange rate within this week's trading sessions.
AUD/JPY 4H Chart: Bulls likely to prevail
The Australian Dollar has surged by 155 pips or 2.06% against the Japanese Yen since last week's trading sessions. The currency pair bounced off from a support level at 75.50 on November 19.
All things being equal, the AUD/JPY exchange rate could continue to surge in an ascending channel pattern during the following trading sessions. The possible target for bulls would be at the 79.00 area.
However, the weekly R2 at 77.35 could provide a technical barrier for the currency exchange rate in the short-term.
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