The British Pound has declined by 168 pips or 1.19% against the Japanese Yen since December 31. The decline was stopped by the 100– period simple moving average at 139.37 on January 4.
Given that the currency pair has bounced off from the support level at the 139.37 level, bullish traders are likely to continue to pressure the exchange rate higher during the following trading sessions.
However, a resistance level at the 141.00 area could provide resistance for the currency exchange rate in the shorter term.
