The Pound declined against the Yen yesterday to break through the short term upside channel but the pair is still trading within the medium term ascending channel, the momentum indicators are showing that the pair is being traded within an oversold area on intraday basis and once the correction is over we should witness an upside reversal, the level at 203.79 represented by the 50 days moving average could prove to be a good demand, while strong support can be seen around 202.90 the support level for the medium term upside channel.