The GBP/JPY pair has slipped back below the 195.00 level as traders await the release of UK inflation data. Despite the recent decline, the downside for the pair appears to be limited. The market is closely watching the upcoming inflation figures from the UK, which could potentially impact the direction of the currency pair. As of now, the GBP/JPY pair remains within a tight range, with support seen around the 195.00 level. Traders are advised to monitor the upcoming data release closely for any potential market movements.