GBP/JPY analysis: Could edge higher

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

On Friday, the British Pound declined by 61 pips or 0.41% against the Japanese Yen. The currency pair tested the psychological support level at 151.00 during Friday's trading session.

Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, the exchange rate could edge higher within this session. The potential target for buyers would be near the 152.50 level.

However, the GBP/JPY currency exchange rate may encounter resistance at 151.77 during the following trading 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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