The British Pound has increased its trading range against the Japanese Yen. This bullish momentum started on August 20 and had since breached the upper boundary of a six-month descending channel at 148.00.
Currently, the exchange rate has tested a resistance level formed by the weekly R2 at 149.49 and also, trading near the upper boundary of a one-month ascending channel and could be set for a breakout.
However, If that resistance region holds, the GBP/JPY currency exchange rate is likely to make a temporary pullback towards a support cluster formed by the weekly and the monthly pivot points near the 147.45 mark.
