The Pound Sterling has been trading in several ascending patterns against the Japanese Yen. The most important of which is the newly drawn junior channel formed on April 22.
After hitting the 61.80% Fibonacci retracement level, the currency pair began to surge. This retracement can be measured by connecting the April 2 low at 148.83 and the April 13 high at 153.86.
Everything being equal, it is expected for the exchange rate to breach and move past the upper border of a medium-scale triangle.
Technical indicators suggest that bulls could continue their dominance over the GBP/JPY currency exchange rate during the following trading sessions
