GBP/JPY testing offers once again near 141.80 amid risk-off

• UK’s Shadow Chancellor: Labour likely to support sensible Brexit delay plan
• Unperturbed by Japanese trade figures, as focus shifts to BoJ rate decision.

The GBP/JPY cross tried several attempts to take-out the stiff resistance near 141.80 region, but in vain, as the bears remain in control amid moderate risk-aversion that continues to underpin the safe-haven bids for the Yen.

The US Government shutdown, fresh US-China trade worries and global growth concerns collaborated to the recent strength in the Yen, as markets flock to safety bets amid market unrest and panic.

 The US equities tumbled alongside the Treasury yields, dragging the US dollar lower across the board while the downbeat US existing home sales data also added to the USD weakness overnight. Hence, USD/JPY remained on the offers, keeping the upside in the most Yen crosses limited.

On the GBP-side of the story, increased expectations of a second referendum, especially after the UK”s Labour Party proposes a sensible Brexit delay plan, offers some support to the GBP bulls.

Meanwhile, downbeat Japanese trade figures offered some temporary respite to the cross, as the bulls run for another test of the 141.80 upside barrier. Attention now turns towards the BoJ policy decision for further momentum on the prices.

GBP/JPY Technical Levels