GBP/JPY: Sellers continue to lurk near 141.50, UK jobs eyed

• May’s Plan B keep the GBP underpinned, as risk bites amid global growth concerns.
• Looks bullish on hourly set up, a test of 142.00 likely on upbeat UK wages.

The bears continue to guard the 141.50 barrier, leaving the GBP/JPY cross largely unchanged in a tight range, as the focus shifts towards the UK labor market report for a fresh directional move.  

Despite the consolidation phase, the cross remains underpinned by the buoyant tone seen around the Cable, as markets cheered the UK PM May’s Brexit plan B, in which she cited that the UK government doesn’t rule out a no-deal Brexit while turning down on the idea of a second referendum.

However, with the safe-haven Yen in demand across the board amid global growth concerns, the spot remains on the defensive so far this session, but looks poised for further upside and could test the 142 handle should the UK jobs data deliver a positive surprise in the November earnings numbers.

GBP/JPY Technical Levels