The British Pound declined by 60 pips or 0.39% against the Japanese Yen on Friday. The currency pair breached the 50– and 200– hour SMAs during Friday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. A breakout could occur through the lower boundary of a descending channel pattern.
However, if the channel pattern holds, the GBP/JPY currency exchange rate would make a brief pullback towards the resistance cluster at 155.24 within this session.
