The British Pound has soared by 260 pips or 1.90% against the Japanese Yen since last week’s trading sessions. The exchange rate breached the 50– period simple moving average at 137.99 on November 23.
The currency pair is likely to continue to edge higher during the following trading sessions. The potential target for the GBP/JPY pair would be near the 142.00 level.
However, the weekly R3 at 140.47 could provide resistance for the currency exchange rate within this week’s trading sessions.
