The British Pound has declined by 85 pips or 0.56% against the Japanese Yen since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Friday.
Given that a breakout has occurred, bearish traders are likely to continue to pressure the currency pair lower during the following trading session. The potential target for bears could be near the 200– hour SMA at 150.67.
The GBP/JPY currency exchange rate could rebound from the 200– hour SMA support line at 150.67 within this session.
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