The British Pound has surged by 383 pips or 2.87% against the Japanese Yen since last week trading sessions. The currency pair tested the upper boundary of an ascending channel pattern at 139.00 on August 5.
Technical indicators flash buying signals, most likely, buyers could pressure the exchange rate higher. A breakout could occur through the upper line of the ascending channel pattern within this week’s trading sessions.
However, if the channel pattern holds, bearish traders could push the currency exchange rate towards the 50– period SMA at 137.17 in the shorter term.
