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GBP/JPY Analysis: Likely To Maintain Channel

On Thursday, the British Pound fell by 103 pips or 0.68% against the Japanese Yen. The currency pair was pressured lower by the 50– and 200– hour SMA during Thursday’s trading session.

By and large, the GBPJPY exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The possible target for sellers will be near the 150.50 area.

However, a support line formed by the weekly S1 at 151.10 could provide support for the currency exchange during Friday’s trading session.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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