Gold Price Analysis – GBP/JPY analysis: Breakout occurs
On Wednesday, the British Pound declined by 118 pips or 0.77% against the Japanese Yen. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday’s trading session.
Given that a breakout has occurred, bearish traders may continue to pressure the exchange rate lower during the following trading session. The potential target for sellers will be near the 150.50 area.
However, the 200– hour simple moving average at 151.02 could provide support for the GBP/JPY currency exchange rate within this session.