Downside risks dominated the British Pound against the Japanese Yen on Tuesday. The GBP/JPY exchange rate declined by 130 pips or 0.86% during Tuesday’s trading session.
All things being equal, the currency pair is likely to continue to edge lower during the following trading session. The potential target for bearish traders will be near the weekly S1 at 149.67.
However, a support level formed by the 200– hour simple moving average at 150.34 could provide support for the currency exchange rate within this session.
