On Thursday, the British Pound surged by 70 pips or 0.45% against the Japanese Yen. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
Everything being equal, the exchange rate could continue to trend higher through the following trading hours. A breakout through the upper line of a descending channel pattern could occur.
However, the 200– hour SMA at 156.98 could provide resistance for the currency exchange rate today.
