GBPJPY | Testing Channel Resistance at 208GBP/JPYOANDA:GBPJPYAlchemyMarketsGBP/JPY has rallied sharply amid yen weakness and lingering BoE hawkishness. With Japan signalling continued fiscal support and the BoJ cautious about tightening, yen softness has persisted — but the move now looks stretched into a key technical zone. Price has tagged the upper bound of an ascending channel that has guided price action since mid-2024. The 208.00–208.50 area aligns with channel resistance and an RSI near overbought territory, suggesting potential exhaustion before trend continuation. Scenarios: Scenario A: If 208.00 holds as resistance → potential pullback toward 200.50–198.00 support zone within the channel. Scenario B: If price closes above 208.50 → breakout confirmation could open the path toward 212.00+ extension highs. Catalysts: UK data cooling could reinforce expectations of BoE rate cuts in early 2026, weighing on GBP. Japanese fiscal expansion has so far pressured JPY, but any BoJ jawboning or intervention hints could strengthen yen and trigger a corrective leg. Global risk sentiment: a pullback in equities or broader risk-off tone typically benefits JPY, adding confluence for a pause here.