BoJ Hawkish Shift Threatens GBP/JPY Upside!Great Britain Pound vs Japanese YenCFI:GBPJPYCFIGBP/JPY continues to trade within a medium-term bullish structure, although recent price action is showing signs of weakness following repeated failures to break above the 215.50–216.80 supply zone. While the pair has maintained a series of higher lows since February, the latest pullback toward the ascending trendline suggests that buying momentum is fading near the recent highs. Trendline Support The pair is currently trading around the 213.30–213.40 area, holding above both the ascending trendline and the 100-day Simple Moving Average (SMA). This keeps the broader bullish structure intact; however, buyers need to maintain price action above the 213.00 level to avoid increased downside pressure. A sustained break below this area could signal a weakening bullish outlook. Key Resistance Levels The first major resistance zone is located between 214.00 and 214.50, followed by the primary supply area at 215.50–216.80. If GBP/JPY manages to reclaim and hold above these levels, bullish momentum could strengthen, paving the way for a retest of 216.80 and potentially an extension toward the 218.00 region. Critical Support Keeps the Uptrend Intact The 212.80–213.00 area remains a key support zone for buyers, where the ascending trendline converges with the 100-day SMA. As long as price remains above this region, the bullish structure remains valid. A break below 212.80 could increase selling pressure and expose the next demand zone around 211.00–211.50. Momentum Remains Limited The Relative Strength Index (RSI) is currently hovering near 45, reflecting weak bullish momentum. The indicator remains below the neutral 50 level, suggesting that buyers have yet to regain full control of the market. A move above the 50–55 range would be needed to support a more sustainable recovery. Fundamental Outlook The Bank of Japan (BoJ) raised interest rates to 1.00%, the highest level in more than three decades, while signaling the possibility of further increases toward 2.00%. In contrast, the Bank of England (BoE) kept its policy rate unchanged at 3.75% as it seeks to support a slowing UK economy. This narrowing gap between the two central banks’ monetary policies is reducing the attractiveness of carry trades on GBP/JPY, making the current support zone a critical battleground that could determine the pair’s next major move from both a technical and fundamental perspective.