GBP/JPY analysis: Sets for breakout

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

The British Pound skyrocketed by 172 pips or 1.13% against the Japanese Yen on Monday. The currency pair tested the upper line of an ascending channel pattern at 154.00 during Monday's trading session.

All things being equal, the exchange rate is likely to continue to trend bullish during the following trading session. A breakout through the upper boundary of an ascending channel pattern could occur.

However, if the channel pattern holds, sellers might target the 50– hour simple moving average at 152.77 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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