The GBP/JPY currency pair reversed from the upper end of a descending channel pattern at 153.50 on Tuesday. As a result, the Pound Sterling fell by 94 pips or 0.61% against the Japanese Yen during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern during the following trading session.
However, given that the currency exchange rate is currently trading near the upper boundary of the channel pattern at 152.82, a breakout could occur within the following trading session.
