• GBP/JPY holds a mild downside bias, though limited follow-through selling keeps price action choppy.
• British Pound comes under pressure amid the geopolitical backdrop, while the Yen holds steady against most majors.
• Technically, the cross trades within a tight range between the 50-day and 100-day SMAs, signaling consolidation.

GBP/JPY trades with a mild downside bias on Thursday, though it lacks strong follow-through selling and trims part of its intraday losses as markets remain volatile. Ongoing US-Israel war with Iran keeps sentiment fragile, weighing on the British Pound (GBP), while the Japanese Yen (JPY) holds firm across major peers except the US Dollar (USD) and Canadian Dollar (CAD).

At the time of writing, the cross is trading around 210.90, attempting a rebound after sliding to 210.35 during the Asian session.

From a technical perspective, the daily chart shows near-term consolidation, with prices trapped between the 100-day and 50-day Simple Moving Average (SMAs) at 210.21 and 211.27, respectively.

Momentum indicators suggest a mildly bearish undertone. The Relative Strength Index (RSI) hovers around 46, holding below the neutral 50 mark, indicating subdued buying interest.

Meanwhile, the Moving Average Convergence Divergence (MACD) shows early signs of weakening momentum, with the MACD line slipping below the signal line and the histogram turning slightly negative.

On the downside, a decisive break below the 100-day SMA could expose the 207.50 support zone, which marks the February swing low. A sustained move below this level would shift focus toward the 200-day SMA near 205.00.

On the upside, a recovery above the 50-day SMA would be needed to ease immediate downside pressure. A sustained break higher could open the door toward the 213.50 resistance area, marked by recent highs, followed by the February peak near 215.00.