GBP/JPY holding 158.00 level ahead of UK jobs report

The British Pound remained well supported at 158.00 handle against its Japanese counterpart just ahead of the UK employment data for April.

Recent 'Brexit' poll results showing lead for the 'remain' camp has been the key supportive pillar for the GBP/JPY pair's up-move since the beginning of this week. The pair on Tuesday did attempt a move towards capturing 159.00 handle, but strong offers dragged the pair back below 158.00 round figure mark.

On Wednesday, Yen weakness is driving the pair higher as traders now wait for report from the UK labor market. A strong labor market report is likely to produce a sharp bullish spike for the pair and could have lasting effect on the pair's near-term movement.

Technical levels to watch

On a sustained trade back above 158.00-158.10 region (50-day SMA), the pair seems to make a fresh attempt to reclaim 159.00 handle, which if conquered could assist the pair further towards testing its next major resistance near 159.70-75 horizontal area.

On the flip side, weakness below 157.80 now seems restricted and is likely to get bought into near 157.00 round figure mark. However, a decisive break below 157.00 mark would negate the near-term bullish bias, turning the pair vulnerable to resume its near-term downward trajectory.