GBP/JPY Breakout Could Occur

On Monday, the British Pound surged by 42 pips or 0.27% against the Japanese Yen. The currency pair was guided by the 50– hour simple moving average during yesterday’s trading session.

The exchange rate is currently trading near the lower boundary of a junior ascending channel pattern at 153.13 and could be set for a breakout.

If the breakout occurs, a decline towards the weekly pivot point at 152.24 could be expected within this session.

However, if the channel pattern holds, buyers might target the 154.00 level during the following trading hours.