The British Pound declined by 63 pips or 0.40% against the Japanese Yen on Monday. The currency pair tested the weekly support level at 154.55 during yesterday’s trading session.
As for the near future, the exchange rate could continue to edge lower in a descending channel pattern. Bearish traders might target the weekly S2 at 154.07 within this session.
However, the lower boundary of the channel pattern could provide support for the GBP/JPY currency exchange rate during the following trading session.
