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Upside risks dominated the British Pound versus the Japanese Yen during the past week. The currency pair appreciated about 2.89% during last week’s trading session.

A breakout occurred through the upper boundary of a dominant descending channel at 147.00 at the end of Wednesday’s trading session.

Given that a breakout had occurred, it is likely that the GBP/JPY exchange rate continues to gain strength.

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However, it is expected that the currency exchange rate makes a brief retracement down towards a support level at 144.03 in the short-term.

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