The British Pound has depreciated about 1.52% in value against the Japanese Yen during last week’s trading sessions. The currency pair has tested the lower boundary of a descending channel pattern at 139.46.
The exchange rate is currently trading near the bottom border of the descending channel at 139.46 and could be set for a breakout.
If this breakout occurs, the GBP/JPY pair could continue its decline during next week’s session.
However, if the support level holds, the pair will make a retracement towards a resistance cluster at 142.09 in the shorter term.