The British Pound has been constrained by several patterns against the Japanese Yen. The most important of which is a junior descending channel. Its upper boundary was reached on April 17 and has since remained moving along this pattern.
The currency pair has moved closer to the bottom border of the junior channel and could be set for a breakout. Furthermore, a resistance level set by the 200– hour simple moving average has pressurized the rate further south.
Everything being equal, the GBP/JPY currency exchange rate could plummet further during the following trading sessions. Meanwhile, technical indicators suggest bears is likely to grow stronger within the next trading days.
