The GBP/JPY currency pair bounced off a support level at 149.65 on Friday. As a result, the British Pound surged by 128 pips or 0.85% against the Japanese Yen during Friday’s trading session.
The exchange rate is currently trading near the upper line of a narrow descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly pivot point at 151.08 could be expected today.
However, if the channel pattern holds, bearish traders could continue to pressure the currency exchange rate lower during the following trading session.
