On Monday, the British Pound edged higher by 157 pips or 1.03% against the Japanese Yen. The currency pair tested the upper line of an ascending channel pattern at 154.45 during yesterday’s trading session.
All things being equal, the exchange rate could continue to trend higher during the following trading session. A breakout could occur through the upper boundary of the channel pattern.
However, if the channel pattern holds, sellers might target the psychological support level at 153.00 within this session.
