GBP/JPY analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

The British Pound edged higher by 96 pips or 0.62% against the Japanese Yen on Monday. The currency pair breached the upper line of a descending channel pattern at 155.32 during yesterday's trading session.

Given that a breakout has occurred, buyers are likely to continue to pressure the price higher during the following trading session. The potential target for the exchange rate will be near the weekly resistance level at 155.91.

However, the currency exchange rate might reverse from the current price level at 155.36 and target the weekly pivot point at 154.72 in this session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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