The Pound Sterling has edged higher by 236 points or 1.76% against the Japanese Yen since last week’s trading sessions. The currency pair breached the weekly R2 at 136.15 on July 23.
As for the near future, the exchange rate could continue to surge in an ascending channel pattern. The potential target for the GBP/JPY pair will be at the institutional level at 137.00.
However, the weekly resistance line at 136.82 could provide resistance for the currency exchange rate during the following trading sessions.