GBP/JPY Outlook and Elliott Wave AnalysisBritish Pound/Japanese YenFX:GBPJPYCakirInsightsThe GBP/JPY currency pair is currently trading near critical levels. The Bank of England (BoE) keeps its policy rate steady at 4.00%, providing limited near-term support for the Pound. In contrast, the Bank of Japan (BoJ) maintains rates at 0.50%, but signals of potential future tightening could strengthen the Japanese Yen. This divergence creates downside pressure on GBP/JPY. From a technical standpoint, according to the Elliott Wave Theory, the GBP/JPY pair has likely completed the final wave C of an ABC corrective structure in a diagonal pattern. This pattern suggests the Japanese Yen could gain short-term strength against the Pound, with the pair potentially pulling back towards 198.00 by 1 October. In the short term, GBP/JPY may continue to show choppy but downward-biased moves. However, the upcoming 1 October data releases and the BoJ’s policy stance will be crucial. If the Bank of Japan refrains from action, the Pound could regain momentum and drive GBP/JPY higher towards the 201.00 resistance area.