The British Pound has been trending bearish against the Japanese Yen since February 24. The currency pair has edged lower by 14.34% in value during this period.
As for the near future, the exchange rate will most likely continue to trade bearish. The GBP/JPY pair could target 2011 low level at 117.66 during the following trading sessions.
However, if the weekly S3 at 124.10 holds, the currency exchange rate might make a brief pullback towards the upper boundary of a descending channel pattern at 130.09 in the short-term.
