The Pound Sterling has been trading sideways against the Japanese Yen since the past two weeks.
All things being equal, the GBP/JPY exchange rate will most likely edge lower. The potential target for bearish traders would be near a support cluster formed by the combination of the 200– hour simple moving average and the monthly pivot point at 137.50.
If the support cluster holds, the currency exchange rate will make an upside reversal during the following trading sessions.
Meanwhile, technical indicators suggest that the currency exchange rate could continue to decline in the short-term future.
