GBP/JPY analysis: Two scenarios likely

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

Upside risks dominated the GBP/JPY currency pair on Friday. As a result, the Great British Pound surged by 110 pips or 0.74% against the Japanese Yen during Friday's trading session.

All things being equal, bulls could continue to pressure the exchange rate higher during the following trading. A breakout through a resistance line at 150.72 is likely to occur.

However, if the resistance level holds, bearish traders could target the 149.60 area 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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