The British Pound declined by 34 pips or 0.22% against the Japanese Yen on Monday. The currency pair breached a support level, formed by the 50– hour simple moving average during Monday’s trading session.
As for the near future, the exchange rate could continue to trend lower. Sellers are likely to target the 200– hour SMA support level at 151.51 during the following trading session.
However, the lower line of an ascending channel pattern could provide support for the GBP/JPY currency exchange rate within this session.
