The British Pound surged by 76 pips or 0.50% against the Japanese Yen on Wednesday. The currency pair tested the upper boundary of an ascending channel pattern during yesterday’s trading session.
Everything being equal, the GBP/JPY currency exchange rate could continue to trend bullish during the following trading session. A breakout through the upper line of the channel pattern could occur.
However, if the ascending channel holds, a decline towards the 153.00 level could be expected today.
