Patterns: AUD/JPY, GBP/JPY

AUD/JPY 4H Chart: Moving towards 80.02

The Australian Dollar has been appreciating against the Japanese Yen since January 3 when the currency pair reversed from a historical low at 70.00. The rate has gained about 10.59% of its values beginning of this year. the beginning of this year.

The exchange rate is trading near the upper boundary of a descending channel pattern at 77.94 and could be set for a breakout.

If this breakout occurs, the currency exchange rate will aim for a resistance level at 80.02.

However, if the descending channel pattern holds, the AUD/JPY pair will make a retracement towards the weekly and the monthly PPs at 75.33.



GBP/JPY 4H Chart: Likely to continue gaining strength

The British Pound has appreciated about 4.99% against the Japanese Yen since the pair reversed from July 2017 low at 132.89. The rate breached the 50-hour simple moving average at 138.03 on January 8.

As for the near future, it is expected that the currency pair continues to gain strength during the following trading sessions.

The GBP/JPY currency exchange rate will target a strong resistance cluster formed by the combination of the 200-hour SMA, the monthly and the weekly pivot points at 141.71 next week.


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