The British Pound has surged by 53 pips or 0.35% against the Japanese Yen since yesterday’s trading session. The currency pair tested the upper line of a descending channel pattern during the London open on Tuesday.
Everything being equal, the exchange rate could continue to edge higher during the following trading session. The GBP/JPY pair is likely to break the descending channel pattern today.
However, if the channel pattern holds, a decline towards the weekly support level at 153.51 could be expected in this session.
