GBP/JPY Pulls Back but Holds Above 200-Day SMA, Eyes Weekly Gain
The British pound edged lower against the yen on Friday, down 0.24%, but the pair remains above its 200-day simple moving average and is set to end the week with a small gain.
GBP/JPY retreated modestly during Friday's session, slipping 0.24% as the Japanese yen strengthened across the board. However, the cross continues to hold above its 200-day simple moving average, a level that has provided support.
The yen is poised to end the week on a firmer note, limiting the pound's advance. Still, GBP/JPY is on track to finish the week with minimal gains, maintaining its rebound from recent lows.
Traders are watching the 200-day SMA as a key technical floor; a sustained break below could shift the near-term outlook, while holding above keeps the bullish bias intact.
Source: FXStreet Forex News