The British Pound has continued to appreciate in a narrow ascending channel against the Japanese Yen. The currency pair broke out through the upper boundary of a medium-term descending channel during last week’s trading session.
The 200-hour simple moving average was providing support for the exchange rate at 140.79 during the morning hours of Monday’s trading session.
If support level holds, the currency exchange trade will target a resistance cluster formed by the combination of the weekly and the monthly PPs at 143.29.
However, of the GBP/JPY pair passes the 200-hours SMA, bearish traders could push the price towards the 137.79 mark during the following trading sessions.
