The British Pound has been depreciating against the Japanese Yen in a medium-term ascending channel pattern since March 14. During this period, the exchange rate managed to reach its lower boundary of the channel pattern at 144.00.
Daily technical indicators suggest that bears are likely to dominate the currency exchange rate within this session. The possible downside target for bearish traders will be near the weekly S1 at 143.47.
However, taking into considerations the political event that is happening in the UK, technical analysis forecasts might not prevail.
