On Friday, the British pound fell by 75 pips or 0.49% against the Japanese Yen. The decline was stopped by the 50– hour simple moving average during Friday’s trading session.
The exchange rate is currently trading near the lower line of an ascending channel pattern at 152.05 and could be set for a breakout.
If the breakout occurs, a decline towards the 151.60 level could be expected within this session.
However, if the ascending channel pattern holds, bullish traders would pressure the currency exchange rate higher within the following trading session.
