The Pound Sterling has been appreciating in a seven-week ascending channel against the Japanese Yen. This movement began on August 15 when the rate reversed from the lower boundary of the seven months channel at 139.71. Presently, the currency pair is stranded between the 50– and 100-hour SMAs and the weekly S1 near the 147.80 mark. Technical indicators suggest that bullish traders could push the currency exchange rate for a breakout through the upper boundary of a long-term descending channel at 149.50 during the following trading sessions.
