The British Pound has been trading in a symmetric triangle pattern against the Japanese Yen since the end of October.
The currency pair is trading near the bottom border of the triangle pattern at 145.16 during the morning hours of today’s session. From a theoretical point of view, a breakout is likely to occur within this session. A potential downside target will be at October swing low of 142.90.
On the other hand, the GBP/JPY currency exchange rate could reverse from the current price level and aim for a resistance cluster formed by the combination of the 100– and 200-hour SMAs at 145.90.
