The Pound is forecast to rise against the Japanese Yen up to a high of circa 151.00, after which point it will fall back quite steeply, according to analysis from advisory service EWM Interactive.
Read more: Pound-Yen Rate Starting a Wave 5 Higher After Temporary 'Stumble' - EWM Interactive
The Yen has started the new trading week on the front foot against the Pound after a series of adverse Brexit headlines but the overcrowded market short against the Japanese currency suggests the GBP/JPY exchange rate could go lower still.
Read more: Yen Forecast to Advance on Sterling Over Coming Days
GBP/JPY is pulling back at the start of the new week but a breakout from bullish wedge pattern seen on the charts remains valid and could still bode bullish longer-term.
Read more: Pound's Uptrend Against the Yen Still Intact Despite Soft Start to the Week
USD/JPY is at a key 'make-or-break' level with important implications for the future outlook for the currency pair.
Read more: USD/JPY at Highly 'Sensitive' Level, Holds Significance for Outlook
The Pound-to-Yen exchange rate is attempting to break out of a falling wedge pattern. If it is successful it will probably signal the start of a strong new move higher for the pair.
Read more: GBP/JPY Poised to Break Out, With Bullish Implications