Dukascopy Bank Team
Dukascopy Bank SA
AUD/JPY 4H Chart: Bears likely to prevail
The Australian Dollar has declined by 112 pips or 1.31% against the Japanese Yen since this week's trading session. The currency pair breached the 50– period SMA on May 13.
Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, the exchange rate could continue to edge lower during the following trading session.
However, a support line at 84.50 could provide support for the AUD/JPY currency exchange rate in the shorter term.
CAD/JPY 4H Chart: Bull run to continue
Upside risks have continued to pressure the CAD/JPY currency pair higher since the beginning of this month. The Canadian Dollar has surged by 2.42% against the Japanese Yen since May 1.
All things being equal, the exchange rate could continue to trend bullish during the following trading sessions. The potential target for bullish traders would be near the weekly R2 at 91.45.
However, the upper boundary of an ascending channel pattern at the 91.00 level could provide resistance for the currency exchange rate this week.
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.
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