The Pound Sterling surged by 78 pips or 0.52% against the Japanese Yen on Monday. The currency pair breached a resistance cluster at 150.23 during yesterday’s trading session.
The exchange rate is currently trading near the upper line of a descending channel pattern at 150.34.
If the channel pattern holds, bearish traders are likely to pressure the GBP/JPY pair lower today.
However, if the currency exchange rate breaks the descending channel, a surge towards the weekly R1 at 151.41 could be expected within this session.
