GBP/JPY analysis: Breakout occurs
|GBP/JPY
Since Monday's trading session, the British Pound has edged higher by 61 pips or 0.39% against the Japanese Yen. A breakout occurred through the upper line of a descending channel pattern during the Asian session on Tuesday.
Given that a breakout has occurred, buyers could continue to drive the exchange rate higher today. The potential target for the GBP/JPY currency pair will be near the 158.00 level.
However, the 200– hour simple moving average at 156.84 could provide resistance for the currency exchange rate within this session.
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