The British Pound surged by 84 pips or 0.55% against the Japanese Yen on Monday. The currency pair breached the 200– hour simple moving average during Monday’s trading session.
As for the near future, buyers are likely to continue to pressure the exchange rate higher. The potential target for bullish traders will be near the 154.20 area.
However, the upper boundary of a descending channel pattern at 153.50 could provide resistance for the GBP/JPY currency exchange rate within the following trading session.
