GBP/JPY 4H: Breakout occurs
The British Pound has surged by 222 pips or 1.68% against the Japanese Yen since June 26. The currency pair breached the upper boundary of a descending channel pattern during yesterday's trading session.
Given that a breakout had occurred, bullish traders could continue to pressure the exchange rate higher during the following trading sessions. The possible target for bulls would be at the 135.92 level.
However, a resistance cluster formed by the weekly resistance line and the monthly pivot point at 135.06 could provide resistance for the currency exchange rate within this week's trading sessions.
AUD/JPY 4H Chart: Buying signals
The Australian Dollar has surged by 2.66% against the Japanese Yen since June 20. The currency pair breached the 50– and 100– period simple moving averages during this period.
Technical indicators suggest buying signals on the 4-hour time frame. Therefore, bullish traders are likely to pressure the exchange rate higher during the following trading sessions.
However, a resistance cluster formed by the weekly R1 and the monthly pivot point at the 74.44 area could prevent bulls from driving the price higher 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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