GBP/JPY Could Still Edge Higher

On Wednesday, the British Pound edged higher by 74 pips or 0.49% against the Japanese Yen. The currency pair breached the 50– hour simple moving average during Wednesday’s trading session.

All things being equal, the exchange rate could continue to trend higher during the following trading session. The potential target for buyers would be near the 150.50 level.

However, technical indicators suggest that the currency exchange rate might continue to trade in a descending channel pattern within this session.

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