The Pound Sterling has declined by 2.38% in value against the Japanese Yen since January 23. The currency pair tested a support level formed by the weekly S1 at 141.12 on February 4.
Everything being equal, the GBP/JPY exchange rate could edge lower during the following trading sessions. Bearish traders could target the 140.00 area in the shorter term.
Although, given that the currency exchange rate is trading near the upper boundary of a descending channel pattern, a breakout could occur during the following trading sessions.
