The British Pound fell by 44 pips or 0.28% against the Japanese Yen on Thursday. The decline was stopped by the 50– hour simple moving average during Thursday’s trading session.
The exchange rate is currently trading near a support level formed by the 50– hour SMA at 155.38.
If the support level holds, bullish traders could pressure the GBP/JPY pair higher during the following trading session.
However, if the currency exchange rate breaks the 50– hour moving average, a decline towards the 154.50 area could be expected.
