The Pound Sterling started to depreciate against the Japanese Yen after hitting the upper boundary of a dominant descending channel pattern at 149.50. This decline began on October 9 and had since reached a one-month low level of 143.93.
The exchange rate is trading near the lower boundary of a three-week descending channel at 143.93 during the morning hour of Friday’s session and could be set for a breakout.
If the breakout occurs, the GBP/JPY currency exchange rate will aim at August swing low at the 140.00 mark during the following trading sessions.
However, a support level formed by the weekly S3 could hinder the pair from hitting the target within the next 48 hours.
