Upside risks pressured the British Pound higher against the Japanese Yen on Friday. The GBP/JPY currency pair surged by 208 pips or 1.38% during Friday’s trading session.
On Monday morning, the exchange rate was trading near the upper line of a descending channel pattern at 152.98 could be set for a breakout.
If the breakout occurs, a surge towards the weekly resistance level at 154.50 could be expected today.
However, if the channel pattern holds, sellers might drive the currency exchange rate towards the 151.50 area within this session.
