The British Pound has been appreciating against the Japanese Yen after the currency pair reversed from the lower boundary of an ascending channel at 143.00 on October 31.
The exchange rate is trading near a resistance cluster formed by the combination of the weekly and the monthly pivot points at 148.22 during the morning hours of Wednesday trading session.
If this resistance cluster as mentioned above holds, the currency exchange rate could aim at the bottom boundary of the uptrend channel at 146.50 within this session.
On the other hand, if the pair passes the resistance line, the next target for the rate will be near the upper boundary of a dominant descending channel at 149.19 during the following trading sessions.
