The GBP/JPY currency pair bounced a support level formed by the 50– hour simple moving average at 150.23 on Monday. As a result, the British Pound surged by 118 pips or 0.79% against the Japanese Yen.
All things being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be near the 152.50 area.
However, the currency exchange rate could encounter resistance at 151.41 during Tuesday’s trading session.
