GBP/JPY 4H Chart: Buying Signals

The British Pound has surged by 450 pips or 3.13% against the Japanese Yen since the beginning of February. The currency pair breached the 147.50 level during this week’s trading sessions.

All things being equal, the GBP/JPY exchange rate is likely to continue to trend bullish during the following trading session. Bullish traders might target the 150.00 level.

However, a resistance line formed by the upper boundary of an ascending channel pattern could provide resistance for the currency exchange rate this week.