GBP/JPY 4H Chart: Sets For Breakout

The British Pound has depreciated about 1.99% in values against the Japanese Yen since January 25.

The exchange rate is currently trading near the lower boundary of a junior ascending channel pattern at 142.01.

If the currency pair passes the bottom border of the channel pattern, a decline towards a support cluster formed by the 200-hour simple moving average and the weekly S2 at 140,71 could be expected.

However, if the junior ascending channel holds, bulls might target a resistance level at 144.68 in the shorter term.

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