On Friday, the British Pound edged higher by 42 pips or 0.28% against the Japanese Yen. The decline was stopped by the 50– hour simple moving average during Friday’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 a support level formed by the 200– hour SMA at 151.36 within this session.
However, if the channel pattern holds, the currency exchange rate may continue to edge higher in an ascending channel pattern today.
