During the past two weeks, the British Pound has depreciated about 5.10% in value against the Japanese Yen. The currency pair reversed from the upper boundary of a descending channel pattern at 135.00 on July 25.
As for the near future, it is likely that the GBP/JPY exchange rate will try to regain some of its lost positions. The potential upside target will be at the 133.19 area, which is the upper band of the descending channel.
However, a resistance cluster formed by the 50– hour simple moving average and the weekly pivot point at 131.14 could hinder bulls from pushing the currency exchange rate higher during the following trading sessions.
