The British Pound has been surging in an ascending channel pattern against the Japanese Yen since the middle of September. The currency pair has edged lower by 2.00% since last week’s trading sessions.
Given that the exchange rate has bounced off from the lower line of the ascending channel pattern, bullish traders are likely to pressure the GBP/JPY pair towards the 140.00 level during next week’s trading sessions.
However, a resistance cluster formed by the weekly and the monthly PPs and the 50– and 200– period SMAs near the 137.50 area could provide a barrier for the currency exchange rate in the shorter term.
