GBP/JPY 4H Chart: Decline Likely To Continue

The British Pound has depreciated about 3.32% in value against the Japanese Yen since the currency pair reversed from the upper boundary of a descending channel pattern at 148.78.

As for the near future, it is likely that the exchange rate continues its decline in the descending channel pattern.

The GBP/JPY currency exchange rate will target a support cluster formed by the combination of the weekly and the monthly pivot points at 142.94 during the following trading sessions.

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