The currency pair bounced off a support level at 151.46 on Monday. As a result, the Pound Sterling surged by 226 pips or 1.49% against the Yen during Monday’s trading session.
Currently, the GBP/JPY currency exchange rate is trading near a resistance line at 153.78.
If the resistance level holds, bearish traders could drive the price lower within the following trading session.
However, if the exchange rate breaks the 153.78 level, the next target for buyers would be near the weekly resistance line at 154.36 today.
