The British Pound has surged by 2.22% in value against the Japanese Yen since the beginning of February. The currency pair breached the 50-, 100– and 200– hour SMAs during this period.
Currently, the exchange rate is testing a resistance level formed by the weekly R1 at 144.08.
If the GBP/JPY pair breaks the weekly resistance level, the next target will be at the psychological level at 146.00 area.
However, if the weekly R1 holds, a decline towards a support cluster formed by the weekly and the monthly PPs at 142.87 could be expected within next week’s trading sessions.
