Downside risks pressured the GBP/JPY currency pair lower on Monday. As a result, the British Pound fell by 183 pips or 1.22% against the Japanese Yen during yesterday’s trading session.
The exchange rate bounced off the lower line of a descending channel pattern on Tuesday morning.
Given that the currency exchange rate has bounced off the support level, buyers could continue to drive the price higher during the following trading session.
However, the 50– hour simple moving average at 150.52 could provide resistance for bullish traders within this session.
