The GBP/JPY currency pair bounced off a support level formed by the 50– hour simple moving average at 151.45 on Thursday. As a result, the British Pound edged higher by 77 pips or 0.51% against the Japanese Yen during yesterday’s trading session.
Given that the exchange rate has rebounded from a support level, buyers are likely to continue to drive the price higher within Friday’s trading session. The potential target for bulls would be near the 152.67 area.
On the other hand, the currency exchange rate might reverse from the current price level at 152.21 aim for a retest of the 50– hour SMA support level at 151.77.
