The British Pound has surged by 5.42% against the Japanese Yen since June 1. The currency pair breached the psychological resistance level at the 139.00 area on June 8.
After the currency pair tested the upper line of the channel pattern, bears pressured the exchange rate lower. Most likely, the GBP/JPY pair will continue to edge lower during the following trading sessions. The potential target for bearish traders would be at the 1.3400 mark.
However, the weekly support level at 134.41 could provide support for the currency exchange rate in the short-term.
