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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.

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