The British Pound has been appreciating against the Japanese Yen after the exchange rate bounced off the lower boundary of an ascending trendline at 142.77 on October 26.
The currency pair was trading near the upper boundary of a downtrend line at 147.13 during the Asian session on Monday and could be set for a potential breakout.
If this breakout occurs, the GBP/JPY currency pair will aim at the upper border of a dominant descending channel at 148.22 during the following trading sessions.
Moreover, technical indicators suggest that the expected advance might occur in the next 24hrs.
