During the first half of Wednesday’s trading session, the British Pound declined by 78 pips or 0.51% against the Japanese Yen. However, the currency pair rebounded from a support line at 150.25 at the end of the day.
The exchange rate is likely to continue to edge lower in a narrow descending channel pattern within the following trading session. The potential target for sellers will be near the weekly S1 at 149.67.
Though, the weekly pivot point at 150.25 could provide support for the GBP/JPY currency exchange rate in the shorter term.
