Dukascopy Bank Team
Dukascopy Bank SA
AUD/JPY 4H Chart: Decline likely to continue
The Australian Dollar has been declining in a descending channel pattern against the Japanese Yen since September 1. The currency pair breached the lower boundary of the channel pattern at 74.00 on September 28.
The exchange rate has declined by 2.00% since last week's trading sessions. Most likely, the AUD/JPY pair could continue to edge lower during the following trading days.
However, a support level at 74.50 could provide support for the currency exchange rate in the nearest future.
GBP/JPY 4H Chart: Bounces off support
The British Pound has been surging in an ascending channel pattern against the Japanese Yen since the middle of September. The currency pair has edged lower by 2.00% since last week's trading sessions.
Given that the exchange rate has bounced off from the lower line of the ascending channel pattern, bullish traders are likely to pressure the GBP/JPY pair towards the 140.00 level during next week's trading sessions.
However, a resistance cluster formed by the weekly and the monthly PPs and the 50– and 200– period SMAs near the 137.50 area could provide a barrier for the currency exchange rate 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.
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