GBP/JPY analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

Downside risks dominated the GBP/JPY currency pair on Tuesday. As a result, the British Pound plunged by 138 pips or 0.91% against the Japanese Yen during Tuesday's trading session.

Given that a breakout has occurred, bearish traders could continue to drive the exchange rate lower during the following trading session. The possible target for sellers would be near the 150.80 area.

However, a support level at 151.22 could provide support for the currency exchange rate within 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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