Downside risks dominated the GBP/JPY currency pair since the middle of July, as the Great British Pound depreciated 6.13% against the Japanese Yen.
The exchange rate is trading in a descending channel, which was formed on July 17 and has pushed the pair lower toward the lower boundary of a dominant descending channel pattern. However, the rate has been stranded between the weekly resistance level at 142.50 and the monthly S3 at 140.15 since the beginning of this week.
By and large, it is likely that the currency exchange rate remains moving in the junior descending channel during the following trading sessions.
