On Friday, the British Pound surged by 124 pips or 0.83% against the Japanese Yen. The surge was stopped by a resistance level formed by the 200– hour simple moving average at 150.68 during Friday’s trading session.
The exchange rate is currently trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, bullish traders could pressure the GBP/JPY pair higher within this session.
However, if the channel pattern holds, a decline towards the 149.00 level could be expected today.
