The British Pound edged lower by 114 pips or 0.75% against the Japanese Yen on Friday. The currency pair breached the 50– hour simple moving average at 151.57 during Friday’s trading session.
The exchange rate rebounded from the lower line of an ascending channel pattern at 150.97 during the Asian session on Monday. Bullish traders are likely to pressure the GBP/JPY pair higher today.
However, the 50– hour SMA at 151.57 could provide resistance for the currency exchange rate within this session.
