The 200– hour simple moving average provided resistance for the GBP/JPY currency pair on Wednesday. As a result, the Pound Sterling fell by 79 pips or 0.51% against the Japanese Yen during Wednesday's trading session.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly support level at 154.07 could be expected in this session.
However, if the channel pattern holds, buyers could target the resistance line at 155.18 today.
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