Patterns: GBP/JPY, AUD/JPY
|GBP/JPY 4H Chart: Targets at 152.00
The British Pound declined by 1.48% against the Japanese Yen during last week's trading sessions. The decline was stopped by the 50– period simple moving average at 148.00 last week.
As for the near future, the GBP/JPY exchange rate is likely to continue to edge higher in an ascending channel pattern. Bullish traders could target the 152.00 level during the following trading sessions.
However, the weekly resistance level at 149.79 could provide resistance for the currency exchange rate in the shorter term.
AUD/JPY 4H Chart: Likely to maintain channel
The Australian Dollar declined by 3.35% against the Japanese Yen during last week's trading sessions. The currency pair breached the 50– period simple moving average last week.
All things being equal, the exchange rate is likely to maintain an ascending channel pattern during the following trading sessions. The potential target for the AUD/JPY pair would be near the 85.00 level.
However, the weekly resistance level at 84.01 could provide resistance for the currency exchange rate in the shorter term.
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