The British Pound has surged by 222 pips or 1.68% against the Japanese Yen since June 26. The currency pair breached the upper boundary of a descending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, bullish traders could continue to pressure the exchange rate higher during the following trading sessions. The possible target for bulls would be at the 135.92 level.
However, a resistance cluster formed by the weekly resistance line and the monthly pivot point at 135.06 could provide resistance for the currency exchange rate within this week’s trading sessions.
