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Going into the end of the week, AUD/USD was looking to soften up after some solid gains on Tuesday and Wednesday. Then Evergrande made a US$83 million bond coupon payment and market perceptions around risk assets changed course to a degree.

Covid restrictions are easing across Australia with Victoria coming out of one the longest lockdowns in the world. When this happened in Q4 last year, GDP saw a strong pick up.

On the other hand, GBP/USD tested the lower limit of the ascending regression channel after the disappointing Retail Sales data but this level stays intact for the time being. Additionally, the Relative Strength Index (RSI) indicator on the four-hour chart is edging higher toward 60, suggesting that sellers are struggling to retain control.

In case the pair breaks below 1.3780 (trend support) and makes a daily close there, the technical outlook could turn bearish. In case that happens, a slide toward 1.3760 (static level) and 1.3700 (psychological level, 200-period SMA) could be witnessed.

Moreover, The US Dollar snapped snaped a six-week winning streak against the Japanese Yen with USD/JPY down more than 0.3% in early New York trade on Friday. A reversal off confluent resistance threatens a larger pullback within the confines of the yearly uptrend with the Bank of Japan (BoJ) rate decision on tap next week.

These are the updated targets and invalidation levels that matter on the USD/JPY weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Yen technical setup and more.

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