On Wednesday, the British Pound fell by 46 pips or 0.30% against the Japanese Yen. The decline was stopped by the 50– hour simple moving average during yesterday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the support line formed by the 200– hour SMA at 150.95 could be expected today.
However, if the channel pattern holds, buyers could target the 152.20 level within this session.
