GBP/JPY taps 141.00 mark for the first time since July

After Tuesday's brief pause, the GBP/JPY cross resumed its strong near-term upward trajectory and jumped to a fresh 4-month high. 

Currently trading around 141.00 region, the cross built on Wednesday's strong up-move beyond 140.00 psychological mark and now seems all set to post fifth day of strong gains in the previous six. Following Donald Trump's surprise victory in the US presidential election, intense selling pressure around the Japanese Yen has been the key factor responsible for the pair's vertical rise of over 1400-pips in less than 3-weeks time. 

Moreover, a pause in the post-Brexit British Pound sell-off, as depicted by a range-bound price action around the GBP/USD major, has been supportive of the pair's near-term, well-established up-trend. 

Focus now shifts to Japanese consumer inflation data, Tokyo Core CPI and National Core CPI, scheduled for release during early Asian session on Friday ahead of the second estimate of UK GDP print for Q3 2016. 

Technical levels to watch

A follow through buying interest now seems to pave way for continuation of the pair's near-term bullish momentum further towards 142.00 round figure mark. With near-term overbought conditions, the cross might consolidate at higher levels or witness a corrective move before the next leg of directional move. On the downside, weakness below 140.50 immediate support could get extended towards an important psychological mark resistance break-point, now turned strong support, near 140.00 mark.