The British Pound has declined by 463 basis points or 3.43% against the Japanese Yen since the beginning of May. The currency pair breached the weekly S1 and the monthly S2 near the 130.49 area on Thursday morning.
Everything being equal, the GBP/JPY exchange rate could continue to trade bearish during the following trading sessions. Technical indicators suggest selling signals on both the smaller and the larger time frame charts.
However, if the support cluster near the 130.49 area holds, the currency exchange rate would make a brief upside retracement towards the 50– period simple moving average at 132.13 in the shorter term.
