The British Pound has been depreciating against the Japanese Yen since the beginning of November after the currency pair reversed from the upper boundary of a dominant descending channel pattern at 149.50 on November 8.
The GBP/JPY exchange rate was trading near the lower boundary of a three-month ascending channel at 144.42 during the morning hours of Wednesday’s trading session and could be set for a breakout.
If this breakout occurs, the currency exchange rate will target August swing low at 140.00 during the following trading session.
The pair is currently trading in a down flag pattern, which suggests that a decline in sight.
