The British Pound surged by 67 pips or 0.45% against the Japanese Yen on Friday. The currency pair breached the upper boundary of a descending channel pattern on Monday morning.
Everything being equal, the exchange rate is likely to edge higher during this session. The potential target for buyers will be near the 151.00 level.
However, a resistance cluster formed by the weekly pivot point and the 200– hour simple moving average at 150.23 could provide resistance for the GBP/JPY currency exchange rate within this session.
