GBP/JPY 4H Chart: Set for breakout
The British Pound has appreciated about 9.79% in value against the Japanese Yen since the beginning of January. This movement was guided in an ascending channel pattern.
Currently, the currency pair is testing a support level formed by the lower boundary of a four-month ascending channel and the 50-hour simple moving average at 145.79.
If the GBP/JPY passes the support level, a decline towards a swing low of 144.00 could be expected. However, if the given channel holds, it is likely that an upside reversal could occur in the nearest future.
AUD/JPY 4H Chart: Bullish sentiment to continue
The AUD/USD exchange rate has been trading within a narrow ascending channel pattern since the end of March.
Given that the currency pair is being pressured by the 50-, 100– and 200-hour simple moving averages, it is likely that an upside potential prevails in the short-term. Most likely, the Aussie will aim for the upper channel line located at the 81.00 mark.
Although, the currency exchange rate has to surpass the monthly resistance level at 80.73. If the given resistance level holds, a reversal south could occur during the following trading sessions.
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.