Dukascopy Bank Team
Dukascopy Bank SA
AUD/JPY 4H Chart: Likely to maintain channel
The Australian Dollar has surged by 10.45% in value against the Japanese Yen since the middle of March. The currency pair tested the upper boundary of a descending channel pattern at 67.08 on March 31.
All things being equal, the exchange rate will most likely continue to trade in the descending channel pattern. The AUD/JPY pair could target the 60.05 area during the following trading sessions.
However, given that the currency exchange rate is currently trading near the upper border of the channel pattern, a breakout might occur within this week's trading sessions.
GBP/JPY 4H Chart: Sets for breakout
The British Pound has surged by 8.14% in value against the Japanese Yen since the middle of March. The currency pair breached the 50– and 100– period SMAs during this period.
The exchange rate is currently trading near the upper border of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards a resistance cluster formed by the weekly R1 and the monthly R2 at 140.40 could be expected during the following trading sessions.
However, if the descending channel holds, the currency exchange rate will most likely continue to trade in the channel pattern in the shorter term.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.