The British Pound has edged higher by 482 pips or 3.57% against the Japanese Yen since November 1. The currency pair tested the upper line of an ascending channel pattern at 139.91 during yesterday’s trading session.
The exchange rate is likely to make a brief pullback towards a support cluster formed by the 50– period simple moving average and the weekly support line at 136.86 within this week’s trading sessions.
However, the currency exchange rate might make a U-turn from the 138.00 level during the following trading sessions.
