The British pound declined by 51 pips or 0.33% against the Japanese Yen on Wednesday. The currency pair breached the 200– hour simple moving average during yesterday’s trading session.
All things being equal, the exchange rate could continue to trend in a descending channel pattern during the following trading session. The possible target for GBP/JPY pair would be near the 151.20 area.
However, sellers could encounter support at the 151.45 level within Thursday’s trading session.
