On Friday, GBP/JPY eased slightly, trading around 200.75 and heading for a second consecutive weekly decline. The pair has steadied after midweek selling pushed it down to a one-month low and closed the October 6 gap.
On the daily chart, the pair is testing the 50-day simple moving average near 201.00 while holding just above the 100-day SMA at 199.70, which aligns with this week’s low around 199.00. Immediate support sits in the 200.00–200.50 zone—a former resistance area that now acts as a floor. Remaining above this level preserves a mildly constructive bias, whereas a clear break below 200.00 would hand control to sellers and could trigger further declines toward 199.00 and 198.50.
To the upside, the first hurdle is the 21-day SMA at about 202.25, followed by resistance near 203.50. A sustained move above these levels would point to renewed bullish momentum.
Momentum indicators paint a cautious picture. The Relative Strength Index hovers near 46, indicating neutral momentum with a slight bearish tilt, and the MACD sits below its signal line with a negative histogram, confirming that bullish strength has faded. Overall, GBP/JPY appears range-bound for now, with bears holding a slight edge unless the pair can reclaim the 21-day SMA at 202.25.
