The GBP/JPY currency pair bounced off a support level formed by the 200– hour simple moving average at 150.57 on Friday. As a result, the British Pound rose by 89 pips or 0.59% against the Japanese Yen during Friday’s trading session.
Technical indicators suggest that the exchange rate could continue to trend higher during the following trading session. The possible target for bullish traders will be near the 152.00 area.
However, the currency exchange rate could encounter a resistance level at 151.46 within this session.
