The GBP/JPY currency pair has been depreciating in a descending channel pattern since the beginning of May. The exchange rate reached a six-month low during this week’s trading sessions.
As for the near future, it is likely that the British Pound will continue to edge lower against the Japanese Yen. The potential downside target will be near a support level formed by the weekly S1 at 135.72.
However, given that a breakout had occurred through the upper boundary of the descending channel pattern, bullish traders could push the currency exchange rate towards the 200-hour SMAs at 141.67 in the nearest future.
