Patterns: AUD/JPY, CAD/JPY

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.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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