The Pound Sterling has depreciated about 230 base points against the Japanese Yen on June 27. The currency pair was pressured south by the 200-hour simple moving average.
The exchange rate bounced off a support level formed by the weekly S2 at 135.22 on July 3. Most likely, the GBP/JPY currency pair could aim for a resistance level formed by the 50– and 100-hour SMAs at 136.69 before the end of this week’s trading sessions.
If the resistance line holds, the currency exchange rate will continue its downward movement during next week’s sessions.
