GBP/JPY analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

On Thursday, the British Pound edged higher by 201 pips or 1.34% against the Japanese Yen. A breakout occurred through the upper boundary of a descending channel pattern during Thursday's trading session.

Given that a breakout has occurred, buyers could continue to drive the price higher within the following trading session. The potential target for the currency pair would be near the 152.60 area.

However, the GBP/JPY currency exchange rate could encounter resistance at 151.77 in the shorter term.

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Dukascopy Bank Team

Dukascopy Bank SA

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