The GBP/JPY currency pair failed to break the 200– hour simple moving average resistance level at 155.18 on Friday. As a result, the British Pound fell by 53 pips or 0.34% against the Japanese Yen.
The exchange rate will most likely continue to edge lower during the following trading session. The potential target for sellers could be near the lower boundary of a descending channel pattern at 154.00.
However, the weekly pivot point at 154.72 could provide support for the currency exchange rate in the shorter term.
