The GBP/JPY currency pair rebounded from a support level formed by the 200– period simple moving average at 148.71 on March 24. As a result, the British Pound has surged by 2.71% against the Japanese Yen during the last two weeks.
Everything being equal, the exchange rate could continue to surge in an ascending channel pattern during the following trading sessions. The possible target for buyers will be near the 156.00 level.
However, the weekly resistance line at 153.45 could provide a barrier for bullish traders within this week’s sessions.