The British Pound declined by 61 pips or 0.39% against the Japanese Yen on Wednesday. The currency pair breached the 50– and 200– hour SMAs during yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for the GBP/JPY pair will be near the 154.20 area.
However, the weekly pivot point at 154.72 could provide support for the currency exchange rate in the shorter term.
