The Pound Sterling has continued to edge lower against the Japanese Yen since this week’s trading sessions. The currency pair declined by 105 pips or 0.70% during Thursday’s trading session.
Everything being equal, the GBP/JPY exchange rate is likely to continue to decline in a narrow descending channel pattern during the following trading session. The potential target for bearish traders will be near the 149.00 area.
However, the weekly S2 at 149.62 could provide support for the currency exchange rate in the shorter term.
