GBP/JPY Steadies Amid Doubts Over Durable Yen Support

The GBP/JPY exchange rate has steadied after Japan's intervention-driven rally earlier in the week.

The Japanese Yen had briefly surged, sending the pair below 210.00, but it has since given back some of its gains.

Rabobank notes that despite the intervention, Japan's planned tax cuts and household handouts raise doubts about durable support for the Yen.

The 200-day Simple Moving Average (SMA) continues to hold as a key level of support, but the near-term technical bias remains bearish.