Since Friday’s trading session, the British Pound has surged by 84 pips or 0.56% against the Japanese Yen. The currency pair breached the 50– hour simple moving average on Monday morning.
Everything being equal, bullish traders are likely to continue to drive the exchange rate higher during the following trading session. A breakout through the upper boundary of a descending channel pattern could occur.
However, if the channel pattern holds, the currency exchange rate would make a brief retracement towards the 149.23 within this session.
