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.

GBPJPY

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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