The British Pound versus the Japanese Yen has been trading in an ascending channel for the last one month. This pattern was formed when the currency pair reversed from a support cluster formed by the combination of the weekly and the monthly pivot points at the 140.19 marks.
The bullish sentiment has sent the exchange rate towards the upper boundary of the junior ascending channel pattern, and it is likely to break the channel during the coming days.
The potential target for the GBP/JPY currency exchange rate in the short-term could be the upper border of a dominant descending channel at 148.00.
