GBP/JPY has rebounded from sub-202.5 levels, breaking the 203.30 resistance to hit session highs above 203.50—the first since late October. The rally is supported by broad-based Yen weakness, following Japanese PM Sanae Takaichi’s fiscal plans and calls for the BoJ to maintain low interest rates, which weighed on the Yen.

Technically, the pair shows mixed signals. The 4-hour RSI remains high but below overbought territory, while MACD hints at a possible slowdown. If consolidation holds above 203.30, bulls may target the October 27 high at 204.25 and potentially the October 8 high at 205.33.

On the downside, a reversal below 203.30 could see support near 202.35, with further risk toward 201.80 and the early November lows around 200.30–200.60. Traders remain cautious but bullish sentiment dominates as Sterling gains ground amid Yen softness.