The British Pound has continued to appreciate in a narrow ascending channel against the Japanese Yen. The currency pair broke out through the upper boundary of a medium-term descending channel during last week’s trading session.
The 200-hour simple moving average was providing support for the exchange rate at 140.79 during the morning hours of Monday’s trading session.
If support level holds, the currency exchange trade will target a resistance cluster formed by the combination of the weekly and the monthly PPs at 143.29.
However, of the GBP/JPY pair passes the 200-hours SMA, bearish traders could push the price towards the 137.79 mark during the following trading sessions.
The 200-hour simple moving average was providing support for the exchange rate at 140.79 during the morning hours of Monday’s trading session.
If support level holds, the currency exchange trade will target a resistance cluster formed by the combination of the weekly and the monthly PPs at 143.29.
However, of the GBP/JPY pair passes the 200-hours SMA, bearish traders could push the price towards the 137.79 mark during the following trading sessions.
Note
A narrow ascending channel pattern has been guiding the British Pound against the Japanese Yen. The exchange rate reached a three-month high at 144.77 a few days ago.
The currency pair breached the lower boundary of the ascending channel pattern at 143.38 during the early hours of Thursday’s trading session.
Bears could push the currency exchange rate towards a support cluster formed by the combination of the 100– and 200-hour SMAs at 140.70 during the following trading session.
Although, the GBP/JPY pair could reverse from the 50-hour SMA at 142.89 and continues its upside movement.
Note
The British Pound has depreciated about 1.99% in values against the Japanese Yen since January 25.
The exchange rate is currently trading near the lower boundary of a junior ascending channel pattern at 142.01.
If the currency pair passes the bottom border of the channel pattern, a decline towards a support cluster formed by the 200-hour simple moving average and the weekly S2 at 140,71 could be expected.
However, if the junior ascending channel holds, bulls might target a resistance level at 144.68 in the shorter term.
Note
The British Pound has edged higher by about 2.81% in values against the Japanese Yen during the last week. The currency pair reached January 25 high levels at 145.00 during the early hours of today’s session.
As for the near future, the currency exchange rate is likely to continue moving in an ascending channel pattern until it reaches the upper boundary at the 147.49 region.
Though, it is expected that the GBP/JPY currency pair makes a brief pullback towards a support cluster formed by the 50– and 100-hour SMAs at 142.76 during the following trading sessions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.